House passes bill maintaining business profits tax
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The New Hampshire House of Representatives has voted to approve a bill that will partially reverse reductions in the state’s business profits tax.
House Bill 623 would maintain the business profits tax — which falls on businesses that make at least $50,000 a year — at 7.9 percent, the level it was before it dropped to 7.7 percent in 2018. The Concord Monitor reports the move pushes back against a Republican effort to lower the tax.
House Democrats argue the legislation will help the state place more money into state programs ahead of future economic downturns.