Contact: Kevin Flynn Business and Industry Association Office: 603.224.5388 x114 kflynn@BIAofNH.com NH corporate income taxes per capita worst in nation
Contact: Kevin Flynn Business and Industry Association Office: 603.224.5388 x114 kflynn@BIAofNH.com
(Concord) A national study ranks the Granite State worst in the nation for corporate income taxes per capita. According to the Tax Foundation, New Hampshire (by way of the Business Profits Tax) collects the most at $433 per capita. On the other end of the spectrum, six states don’t levy corporate income taxes at all. This data was compiled based on fiscal year 2015 figures, so it doesn’t take into account recent modest decreases in New Hampshire’s Business Profits Tax and Business Enterprise Tax enacted by the legislature. “This study validates our longstanding argument that businesses are bearing a very high share of taxation by the state. State legislators were correct when they implemented reductions in the Business Profits Tax and Business Enterprise Tax over the past two budgets cycles,” said Business and Industry Association President Jim Roche. “They should stay the course.” High business taxes are not the only challenge facing businesses in New Hampshire. Roche says the price of electrical energy, consistently 50-60% higher than the national average, adds to the cost of doing business in the Granite State and inhibits job growth. Large energy users, such as advanced manufacturers, are particularly sensitive to this issue. Other significant challenges include access to a skilled pool of workers, and high healthcare and health insurance costs. Established in 1937, the Tax Foundation is a leading national independent tax policy research organization. An earlier study this year by the organization found that of all 50 states, New Hampshire depends most heavily on corporate income taxes. About the BIA: The Business and Industry Association is New Hampshire’s statewide chamber of commerce and leading business advocate. BIA represents more than 400 members in a variety of industries, including advanced manufacturing, high technology, professional services, financial services, health care, hospitality and tourism, public utilities, higher education, and insurance. Member firms employ 89,000 people throughout the state, which represents one in seven jobs, and contribute $4.5 billion annually to the state’s economy. Through advocacy with state legislators and regulators, BIA works to promote a healthy business climate and robust economic future for New Hampshire. For more information about BIA, visit www.BIAofNH.com.