Bulldog Live! w/ Brian Tilton on "The Pulse" WTPL 107.7FM

LLC Tax

Is the LLC Tax back even before it has been repealed?

Rev 900 Initial Proposal. Take notice of page 5 "Rev 902.07 Partnerships, LLCs, Associations and Trusts."
Rulemaking Notice
The public hearing has already passed.

Contact the Dept. of Revenue Administration to make your opposition known!
Written comment concerning a proposed rule may be addressed to the department for consideration prior to the tenth day following any public rule hearing. Additional information may be obtained by calling (603) 271-0606 or writing Atty John Hayes, NH Deptartment of Revenue Administration,109 Pleasant Street, PO Box 457, Concord, NH 03302-0457.

Complete audio from the 10/28/10 Press Conference

LLC TAX REPEALED!

On June 10, 2010 Governor John Lynch signed SS HB 1 which contained the repeal of the LLC Tax. This bill was the "budget fix" bill that takes money from many dedicated funds, imposes a number of tax & fee increases and counts on projected revenue from state land sales.

According to the final verison of SS HB 1: "54 Applicability. Sections 50-53 of this act shall apply to taxable periods ending on or after December 31, 2010."

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Stories, Opinion, Analysis:

'LLC tax' repeal 'disappears' from House bill
NH Business Review 6/1/10
Senators – particularly Sen. Bob Odell, R-Lempster, had pushed hard to include the repeal in HB 1607, especially as it became clear that there would be no easy budget compromise over the Senate's gambling proposal. In fact, Odell refused to sign off on the final HB 1607 document because it didn't contain mention of repeal, and he had to be replaced by Senate President Sylvia Larson.

Businesses rally for LLC tax repeal
Union Leader 4/28/10
At a news conference yesterday, Roche said the point was to "keep the heat on" legislators, who are considering three pieces of legislation proposing the LLC tax repeal. Senate Bill 491, House Bill 1607 and Senate Bill 450 are all vehicles for repeal. But the clock is ticking toward June, when the session is over.

LLC tax issue shows business owners importance of vigilance
Portsmouth Herald 4/19/10
"We are happy that our voices were heard. They (lawmakers) didn't really think it through. We've seen Gov. Lynch change his tune." Steve Davis Director of operations for Staffing Sense in Stratham.

Agency criticized for analysis of tax repeal
Union Leader 4/14/10
The DRA said the changes in the bill will cost the state $326 million annually in lost business profits tax payments. The prediction raised eyebrows and lowered jaws in the House Ways and Means Committee when it was laid out during a hearing yesterday.

LLC tax repeal plan hits hurdle
Nashua Telegraph 3/18/10
Lynch told a Concord business group earlier this month that he supports repealing the tax Jan. 1, which would allow the state to collect LLC tax proceeds for all of 2009.

House keeps LLC tax in place
Union Leader 3/17/10
Democrats opposed an outright repeal, arguing that the state already faces budget problems without cutting more revenue.

Officials look to when and if LLC tax is repealed
Union Leader 3/13/10
"Basically, if you pay tax on it federally, you pay the state," Heath said. That would eliminate the LLC tax issue, because the federal government does not count LLC distributions as dividends or interest, he said.

Sen Dem “Lynch Lied About LLC Tax”
RedHampshire.com 3/13/10
In an interview in today’s Fosters Daily Democrat (3/12), a top-ranking Democrat State Senator accused Governor Lynch and his Administration of “misleading” legislators about the impact of his job-killing LLC income tax. Lynch proposed and actively campaigned for the disastrous tax to pay for his reckless spending increases during state budget negotiations last June.

Barrington senator proposes taxes on insurers, nuclear power assets in order to repeal LLC, campground taxes
Foster's Daily Democrat 3/12/10
Sen. Jackie Cilley, D-Barrington, on Wednesday proposed reinstating a premium tax on insurers and taxing "nuclear power assets" in order to repeal new taxes on limited liability companies and campgrounds.

In anti-tax crusade, businessman finds receptive audience
Concord Monitor 3/7/10
"His whole demeanor, how he's handled himself, he's been very fair with this, been able to step back and take a look at it as a resident of New Hampshire, as a small-business owner who really cares about what's going on," said JP Marzullo, a Deering selectman and chairman of the Contoocook Valley Republican Committee. "I think it would be terrific if he ran."

Republicans Comment on Lynch’s LLC Flip Flop
RedHampshire.com 3/6/10
“The only reason why John Lynch is even considering a repeal of his job-killing LLC income tax is because he is afraid that a fiscally conservative Republican will beat him in November. The Governor repeatedly lied to New Hampshire voters when he told them that his disastrous tax wouldn’t kill jobs, and he is only reversing his position now that he is facing the toughest re-election campaign of his career,” said NHGOP Communications Director Ryan Williams. “But he can’t have it both ways – John Lynch must completely repeal this income tax and refund all 2009 collections to New Hampshire’s small business owners.”

Lynch says he wants LLC tax repealed
Union Leader 3/5/10
He later told reporters that he will "actively advocate" for repeal of the tax, but will insist that it be part of a wider review of state business taxes and solutions to the state's revenue problems.

NH Gov Backs Tax Repeal
WBZ 3/5/10
Lynch said the expanded tax would not have generated the anticipated $15 million because many businesses were finding a way around paying it.

Lynch endorses repeal of LLC tax
Nashua Telegraph 3/5/10
Lynch later told reporters a repeal should be effective Jan. 1, 2010, permitting the state to collect the tax for all of 2009.

More Stories...

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Audio Interviews:
The following audio cuts are interviews I did live on the show:

Bill Ardinger
Bulldog Live 3/16/10
Famed tax attorney give us an update on legislative efforts to repeal the LLC Tax.

Andy Sanborn
Bulldog Live 1/26/10
Andy updates us to the new rules of the LLC Tax and what they now apply too.

David Hess
Bulldog Live 1/21/10
State Rep. David Hess (R-Hooksett) discussed his bill to repeal the LLC Tax, yesterday's secret meeting of Democrats with the DRA Commissioner and what's next.

More Interviews...

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LLC Tax Press Conference 6/8/10:
On June 8, 2010, members of the business community held a press conference to call on the legislature to bring the LLC Tax repeal as a seperate piece of legislation in tomorrow's special session.

Listen here...

LLC Tax Press Conference 4/26/10:
On April 26, 2010, the NH Business & Industry Association, along with several other organzations, held a press conference to call on the legislature to finish the job on the LLC Tax repeal and to address Reasonable Compensation.

Business Organization Statements

Media Q & A

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JLCAR Hearing 2/19/10:
The following audio cuts are soundbytes from the 2/19/10 Joint Legislative Committee on Administrative Rules to adopt the LLC Tax at the State House and aired on the show: Listen here...

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LLC Tax Hearing 2/9/10:
The following audio cuts are soundbytes from the 2/9/10 LLC Tax hearing (SB473) at the State House and aired on the show: Listen here...

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