Senate Republicans kill tax credit proposals
CONCORD — Senate Republicans prevailed in killing three Democratic proposals for tax credits on Thursday.
Democrats proposed tax credits for angel investors in start-up companies, for job creation and for new call center jobs, saying it puts state money into job creation.
But Republicans said the proposals are haphazard and amount to tax policy on the fly without firm figures for the cost to state revenues.
“Instead of simplifying our statutes, these bills would have further complicated the existing patchwork of laws, rules and regulations that business leaders have asked us to address,” said Senate Ways and Means Committee Chairman Bob Odell, R-Lempster. “And instead of allowing our recently enacted budget to run its course, these bills would have adjusted state revenues on the fly and started us down a slippery slope that would be dangerous to our state’s fiscal health."
Instead of applying business tax reductions across the board, the three bills would use the tax code to pick winners and losers, favor certain industries and protect wealthy investors, he said.
But Democrats said the three tax credit bills would help existing businesses expand and attract new businesses to New Hampshire.
“We are disappointed that Senate Republicans so quickly dismissed and killed these three job creation initiatives,” said Senate Minority Leader Sylvia Larsen. “All senators, Republicans and Democrats, talk about job creation, but when we step up with innovative solutions aimed at growing jobs in New Hampshire, Senate Republicans vote no.”