NH House panel votes to jettison latest business tax cuts
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The NH House Ways and Means Committee voted to freeze planned cuts in the rate of the state’s two major business taxes to last year’s level, putting it in agreement with two bills that the Senate is scheduled to hear Wednesday morning.
It also voted to start taxing capital gains and use the money raised to lower the statewide property tax.
The tax cuts, which under current law were going to continue to fall until 2021, would result “in us being in real trouble in terms of maintaining our budget,” argued Rep. Susan Almy, D-Lebanon, chair of the committee and prime sponsor of the bill. “This will stop the process in its tracks. It does not go backwards.”