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NHFPI Statement Regarding Senate Finance Committee Action to Reduce Business Taxes

FOR IMMEDIATE RELEASE
May 26, 2015

 NHFPI Statement Regarding Senate Finance Committee Action to Reduce Business Taxes

Concord, NH – The Senate Finance Committee today took action to reduce business tax rates and increase business tax credits, moves which will reduce state revenue at a time when the state struggles to find funding for vital public services. New Hampshire Fiscal Policy Institute (NHFPI) Executive Director Jeff McLynch issued the following statement in response to the Finance Committee’s actions:

“We’ve heard throughout the budget process that New Hampshire needs to ‘live within its means.’ If we cut business taxes today only to put off their full consequences for later years, this action violates that notion entirely.”

“The Finance Committee has approved a cut of $14 million from the FY 2017 budget while the state struggles to find necessary funding for higher education, health care, and other services to support vital human needs.”

“These proposed reductions in business tax rates will reduce revenue by more than $80 million per biennium when fully phased in, with no plan to replace the lost revenue.”

“Phasing business tax reductions in over time simply puts off – for another day and onto future legislatures – the difficult choices and tough tradeoffs that would have to be made to accommodate the revenue losses certain to result from business tax cuts.”

NHFPI offered testimony regarding proposed business tax cuts during the Senate budget hearings in early May. Full testimony is available online.

The New Hampshire Fiscal Policy Institute is an independent, non-profit, non-partisan organization dedicated to exploring, developing, and promoting public policies that foster economic opportunity and prosperity for all New Hampshire residents, with an emphasis on low- and moderate-income families and individuals. Learn more at www.nhfpi.org.

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CONTACT:
AnnMarie French
603-856-8337, x 2

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