Name: NH Primary Source: Sununu to propose ‘tens of millions’ of dollars in tax cuts in budget address
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NH Primary Source: Sununu to propose ‘tens of millions’ of dollars in tax cuts in budget address

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AdvertisementReductions in rooms and meals, business enterprise, interest and dividends taxes key components of Thursday rolloutNH Primary Source: Sununu to propose ‘tens of millions’ of dollars in tax cuts in budget addressReductions in rooms and meals, business enterprise, interest and dividends taxes key components of Thursday rolloutHide TranscriptShow TranscriptON THE STATE SIDE IS SECONDARY TO TRYING TO HELP THE NEW HAMPSHIRE ECONOMY THROUGH TAX RELIEF. NEWSNINE HAS LEARNED THAT TOMORROW THE GOVERNOR WILL PROPOSE ACROSS THE BOARD TAX CUTS... A DECREASE IN THE MEALS AND ROOMS TAX FROM 9% TO 8.5% A CUT IN THE BUSINESS ENTERPRISE TAX FROM .6% TO .55% WHILE RAISING THE FILING THRESHOLD FOR THAT TAX, KNOWN AS THE B-E- T, TO AN ENTERPRISE VALUE TAX BASE OF 250- THOUSAND DOLLARS. THE GOVERNOR'S OFFICE SAYS THIS WILL EXEMPT SOME 30-THOUSAND SMALL BUSINESS FROM PAYING THE B- E-T. ANOTHER BIG ONE IS A PROPOSED PHASE-OUT OF THE STATE'S INTEREST AND DIVIDENDS TAX OVER THE NEXT 5 YEARS, WITH A FULL REPEAL BY 2026. SOME OF THESE IDEAS ARE ALREADY BEING DISCUSSED IN THE LEGISLATURE AND THE HOUSE AND SENATE WILL HAVE A LOT OF SAY IN HOW THIS GETS PUT TOGETHER... AND DEMOCRATIC OPPOSITION, PARTICULARLY ON CUTTING TAXES ON INVESTMENT INCOME, IS LIKELY TO BE FIERCE. IN ADDITION, THE GOVERNOR HAS ALSO INDICATED THAT STATE AID WILL BE IN THE BUDGET TO HELP DEFRAY PROPERTY TAX HIKES SO MANY COMMUNITIESAdvertisementNH Primary Source: Sununu to propose ‘tens of millions’ of dollars in tax cuts in budget addressReductions in rooms and meals, business enterprise, interest and dividends taxes key components of Thursday rolloutNew Hampshire Primary Source gives you breaking and behind-the-scenes political news by John DiStaso, the most experienced political writer in the state and a recipient of a New Hampshire Press Association Lifetime Achievement Award. To sign up for WMUR's weekly New Hampshire Primary Source and political email newsletter, which will be delivered to your inbox on Thursday at 6 a.m., click here.MAJOR TAX CUTS TO BE PROPOSED. Gov. Chris Sununu has been dealing not only with the state’s public health response to COVID-19 for nearly a year, but he has seen pandemic take the state’s economy and revenue picture on a roller coaster ride.But as he prepares to deliver his third budget address Thursday, Sununu says the state’s projected shortfall at the end of the two-year period beginning July 1 is now less than $50 million. And as WMUR political director Adam Sexton first reported earlier Wednesday evening, Sununu is now ready to propose a series of across-the-board tax cuts.New Hampshire Primary Source has been told those cuts will result in “tens of millions of dollars” in taxpayer savings during the two-year period – known in State House parlance as the biennium. The goal is to continue a push to strengthen and ramp up the economy by easing the burdens on individual taxpayers and the businesses community, which have faced an extraordinarily challenging year.Sununu will propose cutting the rooms and meals tax from 9 percent to 8.5 percent, the lowest level in more than a decade, according to the governor’s office. He will propose cutting the Business Enterprise tax from 0.6 percent to 0.55 percent.The governor wants to raise the filing threshold for the Business Enterprise Tax from an enterprise tax base of $111,000 (according to the Department of Revenue Administration) to $250,000. Sununu’s office says the change would exempt as many as 30,000 small businesses from the tax.In another major initiative, Sununu will call for phasing out the state’s interest and dividends tax over the next five years, resulting in a full repeal by 2026. His office says this proposal clearly helps seniors and retirees who depend on interest and dividends for much of their income.Sununu will promise no cuts in education spending and will propose continued “innovative funding” for mental health programs, noting that the pandemic “has exacerbated our mental health crisis.”In addition, as WMUR reported earlier, Sununu has indicated that state aid will be in the budget to help defray property tax hikes that many communities are facing as a result of the pandemic.Sununu will propose student debt relief and paid family medical leave "without an income tax," his office says.In an excerpt of his speech released by the governor’s office, Sununu takes another not-so-veiled shot at Washington – only serving to continue speculation that he’s seriously eyeing a U.S. Senate run next year.“Here in New Hampshire, we don’t settle for bad systems,” Sununu says. “When things aren’t working, we don’t push harder in the same direction. We have the courage to change direction. We innovate, problem solve and get the job done. Building better systems and making them work is how we differentiate New Hampshire from Washington.”The budget will then be presented to the Legislature, with its first stop at the House Finance Committee.WMUR-TV will broadcast Sununu’s speech live at 12 noon Thursday.(WMUR Political Director Adam Sexton contributed to this report.) PUBLIC ENDORSEMENTS. As voting begins today for chair of the New Hampshire Democratic Party, incumbent Raymond Buckley and challenger Emmett Soldati have each rolled out the names of scores of party officials and activists who have publicly endorsed them. Click here.“INFRASTRUCTURE ROADMAP.” U.S. Chris Pappas announced this week he is returning to the House Transportation Committee for the next two years and began a series of events to roll out his current “New Hampshire Infrastructure Roadmap.” Click here.THE BATTLE FOR NH01 IS ON -- ALREADY. U.S. Rep. Chris Pappas has heard this before – he’s a weak candidate, vulnerable to being picked off by the Republicans in the next election. Click here.VOTE TODAY. This year’s version of right-to-work legislation will be taken up by the state Senate this morning and it will likely pass and move along to the House, where its fate is less certain. Click here.BILL EXPECTED TO DIE. Legislation to establish an independent advisory commission to recommend how the state’s political boundaries are drawn during the redistricting process is scheduled to come up for a vote in the state Senate today – and the bill is expected to be killed along party lines. Click here.BACKING BUCKLEY. A few days after being reelected as state Republican Party chair for another two years, Steve Stepanek was clearly in a good mood. He decided to weigh in, with just a bit of sarcasm, on the pending New Hampshire Democratic Party election between longtime chair Raymond Buckley and challenger Emmett Soldati. Click here.ONE OF EIGHT. New Hampshire Sens. Jeanne Shaheen and Maggie Hassan are usually on the same page when it comes to policy and voting – but not always. Click here.(Follow John DiStaso on Twitter: @jdistaso.)New Hampshire Primary Source gives you breaking and behind-the-scenes political news by John DiStaso, the most experienced political writer in the state and a recipient of a New Hampshire Press Association Lifetime Achievement Award. To sign up for WMUR's weekly New Hampshire Primary Source and political email newsletter, which will be delivered to your inbox on Thursday at 6 a.m., .MAJOR TAX CUTS TO BE PROPOSED. Gov. Chris Sununu has been dealing not only with the state’s public health response to COVID-19 for nearly a year, but he has seen pandemic take the state’s economy and revenue picture on a roller coaster ride.AdvertisementBut as he prepares to deliver his third budget address Thursday, Sununu says the state’s projected shortfall at the end of the two-year period beginning July 1 is now less than $50 million. And as WMUR political director Adam Sexton first reported earlier Wednesday evening, Sununu is now ready to propose a series of across-the-board tax cuts.New Hampshire Primary Source has been told those cuts will result in “tens of millions of dollars” in taxpayer savings during the two-year period – known in State House parlance as the biennium. The goal is to continue a push to strengthen and ramp up the economy by easing the burdens on individual taxpayers and the businesses community, which have faced an extraordinarily challenging year.Sununu will propose cutting the rooms and meals tax from 9 percent to 8.5 percent, the lowest level in more than a decade, according to the governor’s office. He will propose cutting the Business Enterprise tax from 0.6 percent to 0.55 percent.The governor wants to raise the filing threshold for the Business Enterprise Tax from an enterprise tax base of $111,000 () to $250,000. Sununu’s office says the change would exempt as many as 30,000 small businesses from the tax.In another major initiative, Sununu will call for phasing out the state’s interest and dividends tax over the next five years, resulting in a full repeal by 2026. His office says this proposal clearly helps seniors and retirees who depend on interest and dividends for much of their income.Sununu will promise no cuts in education spending and will propose continued “innovative funding” for mental health programs, noting that the pandemic “has exacerbated our mental health crisis.”In addition, as WMUR reported earlier, Sununu has indicated that state aid will be in the budget to help defray property tax hikes that many communities are facing as a result of the pandemic.Sununu will propose student debt relief and paid family medical leave "without an income tax," his office says.In an excerpt of his speech released by the governor’s office, Sununu takes another not-so-veiled shot at Washington – only serving to continue speculation that he’s seriously eyeing a U.S. Senate run next year.“Here in New Hampshire, we don’t settle for bad systems,” Sununu says. “When things aren’t working, we don’t push harder in the same direction. We have the courage to change direction. We innovate, problem solve and get the job done. Building better systems and making them work is how we differentiate New Hampshire from Washington.”The budget will then be presented to the Legislature, with its first stop at the House Finance Committee.WMUR-TV will broadcast Sununu’s speech live at 12 noon Thursday.(WMUR Political Director Adam Sexton contributed to this report.)PUBLIC ENDORSEMENTS. As voting begins today for chair of the New Hampshire Democratic Party, incumbent Raymond Buckley and challenger Emmett Soldati have each rolled out the names of scores of party officials and activists who have publicly endorsed them. .“INFRASTRUCTURE ROADMAP.” U.S. Chris Pappas announced this week he is returning to the House Transportation Committee for the next two years and began a series of events to roll out his current “New Hampshire Infrastructure Roadmap.” .THE BATTLE FOR NH01 IS ON -- ALREADY. U.S. Rep. Chris Pappas has heard this before – he’s a weak candidate, vulnerable to being picked off by the Republicans in the next election. .VOTE TODAY. This year’s version of right-to-work legislation will be taken up by the state Senate this morning and it will likely pass and move along to the House, where its fate is less certain. .BILL EXPECTED TO DIE. Legislation to establish an independent advisory commission to recommend how the state’s political boundaries are drawn during the redistricting process is scheduled to come up for a vote in the state Senate today – and the bill is expected to be killed along party lines. .BACKING BUCKLEY. A few days after being reelected as state Republican Party chair for another two years, Steve Stepanek was clearly in a good mood. He decided to weigh in, with just a bit of sarcasm, on the pending New Hampshire Democratic Party election between longtime chair Raymond Buckley and challenger Emmett Soldati. .ONE OF EIGHT. New Hampshire Sens. Jeanne Shaheen and Maggie Hassan are usually on the same page when it comes to policy and voting – but not always. .(Follow John DiStaso on Twitter: @jdistaso.)Loading more articles...

AdvertisementReductions in rooms and meals, business enterprise, interest and dividends taxes key components of Thursday rolloutNH Primary Source: Sununu to propose ‘tens of millions’ of dollars in tax cuts in budget addressReductions in rooms and meals, business enterprise, interest and dividends taxes key components of Thursday rolloutHide TranscriptShow TranscriptON THE STATE SIDE IS SECONDARY TO TRYING TO HELP THE NEW HAMPSHIRE ECONOMY THROUGH TAX RELIEF. NEWSNINE HAS LEARNED THAT TOMORROW THE GOVERNOR WILL PROPOSE ACROSS THE BOARD TAX CUTS... A DECREASE IN THE MEALS AND ROOMS TAX FROM...

NH Primary Source: Sununu to propose ‘tens of millions’ of dollars in tax cuts in budget address

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