Hearing on the LLC tax, Thursday, 9:00am LOB
As we have discussed, the new LLC tax (claimed to be a "interest and dividends tax") on small business owners income is the result of 2 separate laws that come together and attack our income.
All of this is based upon the State of NH, through the Department of Revenue Administration (DRA) being able to tell Small Business Owners how much money they can make.
Last week, the DRA and the Chair of the House Ways and Means Committee brought forth a new Bill (HB 1607), to expand just how much they can limit us and establishing rules to cost us significantly more money in reporting.
This Thursday, the State will hold the only public hearing on this issue, so PLEASE make every effort to come and help us tell the State, that it cannot continue to attack Small Business Owners!
We need to fight for an outright repeal of this very bad, anti-business legislation, so we can create jobs and expand our economic base in New Hampshire.
So, how will this Bill Affect you?
There a number of things, but in general:
1. First the Bill gives the DRA the power to say you make too much money
2. Bill requires you to keep a massive amount of new record keeping to fight back
3. The State is trying to eliminate "loss carry forwards" or allowing you to recoup your investment for creating things
4. The Bill requires significant new record keeping if you or your company makes over $50,000.
5. The State mandates that you are not allowed to lose money......
6. The State is dictating a "percentage" on the sale of assets, as to the limit you can claim, all up to the DRA determining it.
7. They offer a paperwork safe harbor then a paragraph later take it back at their discretion
This Bill effects LLC's, Partnerships, and now Sole Proprietorships too!
The DRA says in a letter that they will be very aggressive and conservative in what they allow.
Please show up Thursday 9:00am, LOB (the building behind the Capitol)
All of this is based upon the State of NH, through the Department of Revenue Administration (DRA) being able to tell Small Business Owners how much money they can make.
Last week, the DRA and the Chair of the House Ways and Means Committee brought forth a new Bill (HB 1607), to expand just how much they can limit us and establishing rules to cost us significantly more money in reporting.
This Thursday, the State will hold the only public hearing on this issue, so PLEASE make every effort to come and help us tell the State, that it cannot continue to attack Small Business Owners!
We need to fight for an outright repeal of this very bad, anti-business legislation, so we can create jobs and expand our economic base in New Hampshire.
So, how will this Bill Affect you?
There a number of things, but in general:
1. First the Bill gives the DRA the power to say you make too much money
2. Bill requires you to keep a massive amount of new record keeping to fight back
3. The State is trying to eliminate "loss carry forwards" or allowing you to recoup your investment for creating things
4. The Bill requires significant new record keeping if you or your company makes over $50,000.
5. The State mandates that you are not allowed to lose money......
6. The State is dictating a "percentage" on the sale of assets, as to the limit you can claim, all up to the DRA determining it.
7. They offer a paperwork safe harbor then a paragraph later take it back at their discretion
This Bill effects LLC's, Partnerships, and now Sole Proprietorships too!
The DRA says in a letter that they will be very aggressive and conservative in what they allow.
Please show up Thursday 9:00am, LOB (the building behind the Capitol)
Comment
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Comment by Robert J. Landman on January 13, 2010 at 12:59pm -
There is another meeting on the LLC tax. There is a BIA forum to probe LLC tax change.
A forum focusing on the controversial tax on distributions from limited liability companies will be part of the Business and Industry Association’s fifth annual Small Business Day at the State House.
The event, will be held from 7:30 to 11:30 a.m. Jan. 27 at the Holiday Inn in Concord.
A panel made up of opinion leaders, legislators and tax policy experts is expected to cover such topics as the original of the tax change, who it covers, how much revenue it is expected to raise, its effect on the state’s business climate and the prospects of its repeal.
“The BIA has a strong interest in connecting small-business owners and managers to state policymakers and to provide a forum to make their voices heard on issues that impact their bottom line,” said BIA President Jim Roche. “The expansion of the interest and dividends tax to distributions from LLCs and partnerships—which has generated substantial confusion, frustration and misunderstanding—is one such issue.”
Other highlights of Small Business Day at the State House include a panel discussion with the state’s top elected legislative leaders – including Senate President Sylvia Larsen, House Speaker Terie Norelli, Senate Minority Leader Peter Bragdon and House Minority Leader Sherm Packard -- and a New Hampshire Small Business Development Center workshop, “Recovery to Growth: Where are the opportunities?” which is designed to help small businesses explore recovery and growth opportunities through government contracting, email marketing and other innovative strategies.
Gov. John Lynch also has been invited to make welcoming remarks.
The BIA’s annual event is held in partnership with the SBDC and local and regional chambers of commerce and business associations. It is sponsored by Public Service of New Hampshire, the New Hampshire Division of Economic Development and media sponsor New Hampshire Business Review.
Cost to attend is $15 per person and includes continental breakfast. To register, call 603-224-5388, ext. 116, or visit nhbia.org.
© 2012 Created by Bob Herdlein.
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