Here's a look at some of NFIB/New Hampshire's victories during the recent legislative session
Defeated Minimum Wage Increase
The New Hampshire Legislature had no less than five bills to re-establish and increase the state’s minimum wage rate. To date, each one has been defeated with only a few weeks left in the legislative session.
BPT Reasonable Compensation Deduction
Legislation increasing the “safe harbor” from tax scrutiny of the Department of Revenue passed this year and is only awaiting the signature of the Governor to become law. Under the administration of the state’s business profits tax, in lieu of substantiating the value of personal services of a proprietor, partner or owner, the taxpayer may claim this $75,000 deduction and not be challenged by the “tax man”. This is a great step and savings for small businesses that do not have internal bookkeepers.
Research & Development Tax Credit
NFIB successfully opposed legislation that would have repealed our efforts of last year to extend the R&D tax credit against business profits tax liability for another two years. It expires in 2015 and would have expired on July 1st had this year’s legislation passed into law. Having this credit on the in law encourages businesses to start their operations in NH and it is another component of the NH Advantage.