ICYMI: New Hampshire Lawmakers Move Tax Change To Make State More Business Friendly
New Hampshire Union Leader: Lawmakers Pass Change To Business Profits Tax Advocated By Planet Fitness
By Gary Rayno
June 24, 2015
Lawmakers approved a change to the business tax code that will make it easier for closely held companies to sell stocks without tax liability.
The owners of Newington-based Planet Fitness approached legislators with former Gov. Craig Benson earlier this month asking them to change the business profits tax provisions for closely held companies.
The company is about to issue an initial public offering but would have to pay millions in business profits tax because the stock sale increases the company’s values. The company threatened to move its headquarters with about 150 jobs out of the state unless the tax code is changed.
[S]upporters like Sen Andy Sanborn, R-Bedford, said the change will make New Hampshire much more business friendly to start-ups and small entrepreneurial companies.