Corporate Tax

New Hampshire Home approves Sununus corporate tax cuts | Standing

(The Center Square) – A divided New Hampshire House of Representatives signed a buffet of corporate tax cuts on Thursday under a two-year budget of $ 13.6 billion.

The House approved the spending package in a vote that was largely partisan. The Republicans supported the plan and the Democrats criticized it.

At the heart of the budget, originally proposed by Republican Governor Chris Sununu, is a plan to cut the state room and meal tax from 9% to 8.5% – the lowest level in more than a decade – and the company’s corporate tax State of lowering among other things 0.6% to 0.55%.

“We have been able to create a well-designed budget that is balanced, fiscally responsible and has no taxes or fees,” House spokesman Sherman Packard, R-Londonderry, said in a statement following its adoption. “Our recommended home budget offers NH families, businesses, retirees and consumers a wide range of tax breaks.”

Democrats have criticized the budget package, saying it underfunds education and key government programs while giving large corporations generous tax breaks.

“The hypocrisy of massive cuts in funding and jobs in the name of ‘tightening our belts’ and spending $ 10 million in public money on individuals who have voluntarily made risky investments is mind-boggling,” said Mary Jane Wallner, D- Concord. said.

House Republicans added a number of controversial political issues to the budget, which, despite efforts by the Democratic legislature to overturn the measures.

This included a provision requiring the governor to obtain legislative approval in order to proceed with the state of emergency declaration. Sununu has criticized similar proposals.

The budget now goes to the Senate, which creates its own spending plan before sending it back to Sununu for review.

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