Jim Roche, President of the Business and Industry Association, and BIA member Carl Heathfield are testifying on behalf the business association. Roche highlights that the LLC Tax was proposed and approved without a public hearing and before the businesses that are going to pay for the tax even had a chance to see the language.

Heathfield is addressing technical concerns with the rules. He says they would impose a heavier record keeping burden on LLC’s than on large corporations. He recommends a default threshold for companies with little or no earnings to avoid these paperwork requirements. He also says the complicated formula used to determine debt finance distribution don’t adequately define the tax liability of LLC’s.

Check for updates at the New Hampshire Watchdog blog page.