New Hampshire's Virtual Town Hall
Senate panel OK's LLC tax repeal measure
"The controversial LLC tax took a step toward the dust bin yesterday, with approval of a repeal bill by the Senate Finance Committee.
The committee voted 7-0 to pass an amended version of Senate Bill 497, which repeals the one-year-old tax on distributions by limited liability companies and partnerships.
The bill also makes changes to the state's interest and dividends tax to match federal tax law, and to business tax deductions for reasonable compensation -- the amount an owner or investor can take from a company as pay before business taxes are applied."
-Union Leader
The committee voted 7-0 to pass an amended version of Senate Bill 497, which repeals the one-year-old tax on distributions by limited liability companies and partnerships.
The bill also makes changes to the state's interest and dividends tax to match federal tax law, and to business tax deductions for reasonable compensation -- the amount an owner or investor can take from a company as pay before business taxes are applied."
-Union Leader
Tags: LLC tax
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