Attend the Public Hearing on Repeal of LLC Tax on Tuesday February 9th at 9:00 AM
(and the Monday February 8th forum in Hanover, see details below)
Senator Jeb Bradley has introduced a Bill, SB 473, seeking to repeal the LLC tax in its entirety. There is a public hearing Tuesday February 9th before the Senate Ways and Means Committee where you can actually speak if you wish. This is an opportunity for you to express your thoughts on this new Tax to our State Senators. This is the first public hearing where the State Senators will have an opportunity to hear your thoughts on how this Income Tax on small business owners will affect our State. So, please come, every one of you. It is so important to have a strong showing to our legislators on just how upset we are at this new tax and how we, as a State are asking for its repeal.
There will be a press conference at 9:00 AM in the LOB (the building behind the Capitol) and then, the public hearing is at 10:00 AM in the State House Room 100 on the first floor (behind the lobby/room of flags).
As you know, several of our State Senators (Senators Maggie Hassan, Cilley, and Clark, JEFF GOLEY among others) have been very very adamant that the LLC tax should be imposed. These are some of the Senators who voted to impose an Income Tax on our Personal Income as Small Business Owners. This is our opportunity to have a direct (please be polite) dialog with our Senators and tell them we are trying to hire people and work this state out of a recession. If the State is going to impose a new Income Tax on up to 20,000 of the 45,000 businesses, it will crush our ability to get the 55,000 unemployed back to work.
Department of Revenue Administration Commissioner Clougherty estimated that the extension of the tax will add 15,000 to 20,000 NEW paying individuals. He has estimated that the state will get an additional $15 million a year. Per an interview he gave with the Concord Monitor, he expects to impose this new tax on 20,000 New Hampshire small businesses. We have to remember that the State of New Hampshire is trying to tax $600,000,000.00 in personal income of small business owners. So the question is, in order to tax 600 million dollars, how many small businesses are they going to audit? If you believe this is unfair taxation, please show up on this coming Tuesday.
Open public form in Hanover February 8th at 8:30 AM with breakfast
There are two additional public hearings on the LLC tax coming up. First is this Monday, February 8th at the Courtyard by Marriot for any of you who live in the Lebanon/Hanover/Upper Valley area. The Lebanon and Hanover Chambers of Commerce are having a joint forum and discussion on the LLC tax and Reasonable Compensation. This forum , open to the public (www.hanoverchamber.org) begins at 8:30 AM, includes breakfast and costs $10.00. Registration (call 603-448-1203) is required, but for those of you who are from the upper valley, this will be a great opportunity to talk about the tax and speak to your local representatives who voted for imposing this tax. Senator Matt Houde and Representative Susan Almy voted to impose this tax and will be in attendance.
JLCAR will vote on the LLC rules February 19th
The first vote on the LLC Income Tax rules (how the State is going to impose the rule on small businesses) will be held Friday February 19th. This is a public hearing and more details are pending, but please mark it on your calender and attend this very important vote. Our income depends on it.
Related: NFIB on the LLC Tax Repeal Bill