Budget writers stick with plan to revoke cuts in business taxes
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If their goal is to develop a budget that Gov. Chris Sununu can sign, House-Senate budget writers did not get off to a good start on Monday, agreeing to revocation of business tax cuts previously approved for 2019 and 2021.
Sununu calls that a tax increase, and promises a veto.
According to existing law, the Business Profits Tax (BPT) went from 7.9% to 7.7% on Jan. 1, 2019, while the Business Enterprise Tax (BET) — essentially a payroll tax — went from 0.675% to 0.60%.