LLC Tax

As you know, a new tax on LLC was approved by the state house, senate and signed by Gov. Lynch as part of the 2010-2011 budget process. This tax imposes an additional 5% income tax on owners of LLC's. Coupled  with the Business Profits Tax (BPT), it will increase LLC's income tax liability to 13.5%, retroactively to the beginning of the year in addition to other flaws within the bill.

HB1661 has been introduced to the Ways and Means committee to repeal the LLC portion of HB2. The text of the bill is accessible below. Audio of the hearing is available here. Type in HB1661 next to Bill number. You will be able to hear the actual hearing with questions from the committee on this bill.

http://www.gencourt.state.nh.us/legislation/2010/HB1661.html

A petition has been circulating around the state to ask Governor Lynch to stop this new tax. Please see the link below to access the letter to the governor and the petition.

http://www.petition.fm/petitions/stopthellctax/