Legislative proposals also include minimum wage hike, family and medical leave program By Bob Sanders Published: January 2, 2019 Democrats in the NH Senate say they want to freeze business tax cuts – including those that just went into effect – increase the minimum wage and mandate payroll deductions to pay for family and medical leave under their majority as the new legislative session begins. Each of the initiatives has a bit of a twist intended to make them more palatable to business, and possibly Republican Gov. Chris Sununu. The Democrats – who also have a majority in the House – announced their “Granite State Opportunity Plan” Wednesday in the Legislative Office Building, as the House convened across the street for the first time this year. The business tax bill – which will be introduced by Sen. Lou D’Allesandro, D-Manchester, would suspend the business profits tax rate at 7.9 percent, the rate it was before New Year’s, … [Read more...] about NH Senate Democratic agenda includes rollback of business tax cuts
Small business tax cuts
Kelly specifies position on business tax cuts; Republicans charge flip-flop
By ETHAN DeWITT Monitor staff Saturday, October 13, 2018 Print Democratic gubernatorial candidate Molly Kelly clarified her stance on a recent set of business tax cuts this week, stating in an interview that she would support keeping one tax cut but repealing the other.In response to a questionnaire by the New Hampshire Business Review published Thursday, Kelly said that she would “keep the business enterprise tax cut in place” but would repeal “the business profits tax cut passed in 2017,” calling the latter tax “largely a tax giveaway to the wealthiest corporations in New Hampshire.”Speaking on repealing the business profits tax cut, she said: “Instead, I would invest that revenue in a way that benefits businesses and workers, including in public education, job training and affordable college.” The clarification came after months of campaigning in which Kelly railed against the tax cuts – signed by her … [Read more...] about Kelly specifies position on business tax cuts; Republicans charge flip-flop
House committee aims to make tax cuts permanent
The House Ways and Means Committee approved a bill Sept. 13, 2018, that would make permanent several tax reform provisions that are set to expire after 2025. The Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760) addresses bonus depreciation and the estate tax, among other tax provisions. The Tax Cuts and Jobs Act, passed in 2017, reduced taxes for all businesses, but only the tax cuts for incorporated businesses operated as C corporations are permanent. The vast majority of farms and ranches, however, file their taxes as sole-proprietors, partnerships or S corporations. “Failure to [make these provisions permanent] will result in a huge tax increase. In addition, the uncertainty caused by temporary tax provisions makes the already tough business of running a farm or ranch even harder,” American Farm Bureau Federation President Zippy Duvall wrote in a letter urging committee members to support the bill. The legislation would make permanent the … [Read more...] about House committee aims to make tax cuts permanent
House Republicans unveil bills for second round of tax cuts
House Republicans have introduced bills for a second phase of tax cuts, after the Trump administration announced plans to pursue "tax reform 2.0" as a follow-up to last year's legislation. On Monday, House Republicans introduced three bills — the Protecting Family and Small Business Tax Cuts Act of 2018, the Family Savings Act of 2018 and the American Innovation Act of 2018 — to further slash taxes and make other changes to the nation's tax code. The Trump administration was criticized when last year's legislation, known as the Tax Cuts and Jobs Act, made the cut in the corporate tax rate permanent but allowed for cuts for individuals to expire after 2025. Republicans' new legislation would make cuts for individuals and small businesses permanent. The package of bills comes less than two months ahead of the November midterm elections as Republicans hope to keep control of the chamber. "Last year we said goodbye to America's old, broken tax code," House … [Read more...] about House Republicans unveil bills for second round of tax cuts
Olson Shares Local Small Business Tax Reform Success Stories
Texas Insider Report: WASHINGTON, D.C. – Rep. Pete Olson (TX-22) today shared personal stories via video from small business owners in TX-22 about how they are benefiting from the Tax Cuts and Jobs Act. After the new tax law was passed, small businesses in TX-22 have been excited about how the law is impacting them. Some wanted to go on the record to let folks know how their businesses and employees will benefit. “It has been nine months since Congress passed the Tax Cuts and Jobs Act and our economy is booming. America has the strongest labor market in nearly 20 years. As of July, over 1.5 million jobs have been created thanks to tax reform and our 3.9% unemployment rate is at a 17 year low. Folks here in TX22 are talking about the benefits from the new tax law,” Rep. Pete Olson said. “Many local businesses are excited about what these reforms mean for them. They talk about the extra money they will have and their plan to help their employees and give … [Read more...] about Olson Shares Local Small Business Tax Reform Success Stories