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Monday, December 14, 2009

Democrats' LLC Tax

The New Hampshire chapter of Americans for Prosperity has a solid write up on the proposed LLC tax and an important call to action for anyone concerned with preserving small businesses in New Hampshire:
Mark your calendar for December 16, 2009 and promise yourself that you and others will take the time to testify at the only public hearing for the 5% Tax on LLC’s and Partnerships which the Department of Revenue Administration (DRA) plans to hold at 10:00am at their Concord office on 109 Pleasant Street.

This past June, when the NH Legislature was voting on HB2, the state budget, some powerful Democrats decided to slip into the bill a 5 % interest and dividends tax on individuals for any distributions they receive from a Limited Liability Corporation (LLC) and Partnerships, this is an Income Tax!

Because this was slipped into HB 2 at the eleventh hour, there was no ability for our taxpayers to testify on this issue. Now, the DRA has written the rules for this 5% tax on all LLC’s and Partnerships throughout New Hampshire.

There are well over 10,000 LLC’s and Partnerships in New Hampshire made up of small business men and women who are about to get a wakeup call from big brother; “You owe us more money!” ...

This is a game that different state agencies play with public hearings on rule making; if you wrap the hearing around holidays no one will show up and the proposed rules will slide under the radar screen and be approved, which will carry the same impact as law. The state is not serving our taxpayers by allowing mischief like this to happen, it is wrong and must stop.
Wednesday's hearing will be held at 10am at the Department of Revenue Administration's Concord office at 109 Pleasant Street. Please attend if you can.

Also, consider signing this petition started by two New Hampshire small businessmen concerned with the impact of the new LLC tax.

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