There is another hearing on the LLC Tax tomorrow morning at 9:00am in Concord. As you'll see from the attachment, this tax is being proposed not just for LLC's, but also for partnerships and proprietorships.
I urge all business owners to attend this hearing and stop this illegal money grab by the State. Also, to all non-business owners that think the State is doing the right thing by taking money from us big, mean, non-caring business owners, think again. What's to stop the State from deciding what's reasonable compensation for someone like you, then taxing any earnings over and above this point? It's coming, so wake up now.
Following are the details of the hearing:
Stop The LLC Tax Update
Do you want the State Determining How Much Money You Can Make?
Please come to the Public Hearing on
Thursday at 9:00am in Concord
New Law HB1607 will allow the State to determine your reasonable compensation
and trigger the 13.5% tax
Hello Everyone!
Again, thank all of you for joining in this fight against the 13.5% Small Business Income Tax. As we have discussed, this new 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.
On 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!
It is actually this Bill HB1607 that triggers all the stuff. We need to fight for an outright repeal of this 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:
First the Bill gives the DRA the power to say you make too much money
Bill requires you to keep a massive amount of new record keeping to fight back
The State is trying to eliminate "loss carry forwards" or allowing you to recoup your investment for creating things
The Bill requires significant new record keeping if you or your company makes over $50,000.
The State mandates that you are not allowed to loose money......
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.
They offer a paperwork safe harbor then a paragraph later take it back at their discretion
This Bill only effects LLC's, Partnerships, and now Sole Proprietorships too!
Even the DRA, in a letter we have obtained states that they will be very aggressive and conservative in what they allow.
Ladies and gentlemen, this Bill is what we are all fighting for and against. If this Bill is repealed, we will be able to work hard, reward ourselves, create jobs and help this great State pull out of the recession. We can do this, but everyone needs to participate.
Please show up Thursday 9:00am, LOB (the building behind the Capitol)
Again, thank you all for your efforts!
Andy Sanborn
Laurie Sanborn
Andrew Hemingway
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