New Hampshire's Virtual Town Hall
LLC tax repeal, SB 497, slated for May 12, 2010 House vote
Included among a host of tax increases recommended by a House committee yesterday, May 6, 2010, is the repeal of the LLC tax.
The House Finance Committee decided on a number of fixes to the estimated $220 million budget shortfall. They include restructuring some debt, furlough days for certain state managers and supervisors, and moving inmates from the state prison for women in Goffstown to the Sununu Youth Center, a secure site in Manchester for juvenile offenders.
What they didn't include was the LLC tax. The committee, as part of its recommendation, endorsed repealing the tax on businesses registered with the state as limited liability companies. That tax was meant to raise about $15 million in new revenue.
The full House is scheduled to vote on the repeal on May 12.
The House Finance Committee decided on a number of fixes to the estimated $220 million budget shortfall. They include restructuring some debt, furlough days for certain state managers and supervisors, and moving inmates from the state prison for women in Goffstown to the Sununu Youth Center, a secure site in Manchester for juvenile offenders.
What they didn't include was the LLC tax. The committee, as part of its recommendation, endorsed repealing the tax on businesses registered with the state as limited liability companies. That tax was meant to raise about $15 million in new revenue.
The full House is scheduled to vote on the repeal on May 12.
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