FOR IMMEDIATE RELEASE
(CONCORD) January 24, 2023 – Today, Bruce Berke, state director of the National Federation of Independent Business (NFIB), the nation’s leading small business advocacy association with more than 1400 member small businesses in the state, testified before the House Ways & Means Committee in support of House Bill 15 to reduce the Business Enterprise Tax (BET). Excerpts of Berke’s testimony are provided below.
“NFIB supports House Bill 15, which will reduce the Business Enterprise Tax to the rate of .5 of 1%, the rate that has been a bipartisan target in the Legislature for several years since the rate was .75 of 1%,” said Berke. “New Hampshire is almost there as the rate is .55 of 1%. Last year, this Legislature enacted the final step in taking the Business Profits Tax down to 7.5%, and unfortunately the BET’s final step to .5 was not taken. But I respectfully remind the House Ways & Means Committee that the BET is of particular interest to the small business community and our members in New Hampshire because of its very direct impact on costs for a small business.”
“If this last step is taken to reduce the BET from the original 3/4 of 1% to a half of 1%, our state will continue to send meaningful signals to businesses in New Hampshire, the region, and across the country that New Hampshire is prepared and serious about making our state a more attractive place in which to conduct business,” continued Berke. “This is a proposal that will be especially beneficial to small businesses operating in New Hampshire.”
“I encourage the members of the House Ways & Means Committee to act favorably on House Bill 15,” Berke said. “The BET reduction was first discussed during and by the then-Governor Hassan’s administration. Seven years ago, a series of four small and prudent cuts were enacted into law. The first two cuts were implemented, but the third and fourth cuts were stalled due to subsequent legislative actions and the pandemic. Since the height of the pandemic, the third cut was enacted, and now New Hampshire’s small business community is asking you to finally enact the last cut, which will assist them in remaining strong during these uncertain economic times.”
For nearly 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.