Sanborn Applauds First Business Tax Cuts in 20 Years

State Sen. Andy Sanborn, R-Bedford, applauded Senate passage of a budget that lowers business taxes in New Hampshire for the first time in 20 years, according to a press statement.

HB 2, approved on June 4, 2015, lowers the Business Profits Tax in three stages from 8.5 percent to 7.9 percent, and cuts the Business Enterprise Tax by 10 percent.

“I’ve always said that the number one reason I ran for office, and show up every day in the state Senate, is to lower taxes for New Hampshire families,” he said. “Today, we finally did it. Lowering our state’s high business taxes not only rewards the hard working entrepreneurs across our state, but sends a strong signal that New Hampshire is again open for business.”

The Tax Foundation ranks New Hampshire 48th in corporate taxes, and a recent Pew Foundation report found that job creation in the Granite State was in the bottom ten in the nation since the end of the Great Recession. The Business Profits Tax was last lowered in 1995, while the BET has never been cut.

“The BPT punishes companies for their success, and the BET punishes them just for doing business,” Sanborn added. “With today’s historic vote, we’re letting business owners keep a little more of their own money, and lighting a beacon for new businesses to come to New Hampshire.”