PRESS RELEASE

June 25, 2002

New Hampshire Gubernatorial Candidates United Against Increased Business Taxation

Business group survey finds unanimous opposition to further business tax increases

CONCORD, NH - A recent survey of the major candidates for governor found unanimous opposition to further increases in New Hampshire business taxation.

The survey was sent to Republican gubernatorial candidates Bruce Keough, Gordon Humphrey and Craig Benson and Democratic candidates Beverly Hollingworth and Mark Fernald. The survey asked candidates to state their position on further increases to the Business Profits Tax (BPT), further increases to the Business Enterprise Tax (BET), the elimination of the BET credit against the BPT, and whether they would oppose efforts to weaken the net operating loss (NOL) carry forward credit in the BPT.

"All of the candidates for governor recognize that over the past four years business taxes have risen to the point where they now threaten our economy, people's jobs and future economic growth," said Jerry Little, President of the New Hampshire Bankers Association. "New Hampshire is at risk of losing its competitive advantage in attracting and retaining business."

All five candidates said they would oppose any increase in the BPT and would oppose any increase in the BET. Each candidate said they would oppose any effort to eliminate the BET credit against the BPT. In addition, all five candidates said they would oppose any attempt to weaken the law passed in the 2002 session extending the net operating loss carry forward credit in the BPT.

The Business Enterprise Tax (BET), at .75 percent, has risen over 300 percent in the past four years; and the Business Profits Tax (BPT), at 8.5 percent, is now among the highest in the country. According to a recent study by the NH Bankers Association, Budget Deficits and Business Taxes in New Hampshire, even a small increase in business taxation creates a significant drag on the state's economy. It would cause crucial reductions in New Hampshire jobs, sales, investment, household earnings and gross state product as compared to a New Hampshire future without further business tax increases.

"It is apparent from this survey that further increases in business taxes are off the table," said Gene Scribner, founder of the NH High Technology Council and Chief Executive Officer of CIM Industries, Inc. "This should send an important message to businesses in the state and those companies looking to come to New Hampshire."

The survey was prepared by a coalition of business organizations which included the Business & Industry Association of NH, Greater Nashua Chamber of Commerce, Greater Salem Chamber of Commerce, Home Builders and Remodelers Association of NH, NH Association of Broadcasters, NH Bankers Association, National Federation of Independent Business/NH, NH Grocers Association, NH High Technology Council, NH Lodging and Restaurant Association, NH Realtors Association and the Retail Merchants Association of NH.

The business organizations also plan to survey candidates for New Hampshire Senate and House of Representatives regarding their positions on business tax increases.

Survey Results:
Download a PDF file of each candidate's completed survey.

Democrat
Mark Fernald
Beverly Hollingworth

Republican
Craig Benson
Bruce Keough
Gordon Humphrey

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