Today, Bruce Berke, state director of the National Federation of Independent Business (NFIB), addressed the House Ways & Means Committee in support of House Bill 15. This bill aims to reduce the Business Enterprise Tax (BET) in New Hampshire.
“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.”
Berke highlighted that this reduction would be significant for small businesses in New Hampshire due to its impact on their costs. “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,” he stated.
He urged committee members to approve House Bill 15. “I encourage the members of the House Ways & Means Committee to act favorably on House Bill 15,” Berke said. He recounted how discussions on BET reductions began during former Governor Hassan’s administration and noted that while some cuts were made, others were delayed due to legislative actions and the pandemic.
For nearly eight decades, NFIB has represented small business owners across America. As a nonprofit and nonpartisan organization, NFIB continues its dedication to advocating for independent businesses nationwide.
