CONCORD – House Republican Leader Dick Hinch (R-Merrimack) issued a statement following the House vote on HB623, relative to the rates of the business profits tax and business enterprise tax. The bill passed by a 200-141 vote.

“House Ways & Means chair Susan Almy tells us there is a real threat of a recession, and that’s why Democrats feel they need to go back on our state’s promise to lower our business tax rates. There is no economic philosophy that suggests that higher taxes help stave off an economic downturn. This must be a new theory called Almynomics,” House Republican Leader Dick Hinch said. “The real data doesn’t lie. Our economy is booming in part because of the lower business tax rates. The last thing we need is to take the momentum away by dismantling the progress we’ve made in our business climate. Business will have no faith in predictability of NH legislature to protect them long term, and our ability to compete regionally for growth and development will be severely diminished.”