InDepthNH.org (https://indepthnh.org/tag/business-taxes/)
A bill requiring New Hampshire to legally challenge another state’s attempt to collect income taxes from residents working in New Hampshire, was approved by the House Ways and Means Committee Wednesday.
State revenues continued to track higher than projections for January led by business, rooms and meals, and real estate taxes and lottery earnings.
A new study of the pandemic’s effect on state revenues shows New Hampshire in the middle of the pack nationally.
The Pew Research Center’s study, using US Census data for quarterly revenue collections by the states and adjusted for inflation, shows some states rebounding quicker than others in revenue collection which includes taxes, licensing, and compulsory fees with most states returning to pre-pandemic levels in the first half of this calendar year.
Democrats said it would increase property taxes, invade a woman’s privacy, and prevent teaching about racism while failing to pay for the social services desperately needed as the state’s residents come out of the pandemic, like homelessness.
Capping the deductions companies receiving Paycheck Protection Program grants could receive from the federal money may be a possible compromise on Senate Bill 3.
The House Ways and Means Committee unanimously backed raising the threshold for businesses to pay the business profits tax, but wants more information before deciding whether to exempt Payment Protection Program grants from state tax liability.
The House Ways and Means Committee wants to investigate what exempting federal grants from business tax liability will mean to the state’s revenues.