Senate approves local tax break for businesses

On Thursday, May 18 the New Hampshire Senate passed HB 316, a bill that lets towns give new businesses a break on local property taxes. The bill now heads to Gov. Sununu for his signature.

Under HB 316, if a business increases the value of property through construction or other improvements, the business can apply for a local property tax break for some of that increased value.  Each town must vote to adopt the tax break.

Bill supporters argue that HB 316 gives towns a useful tool to attract new businesses.  Because HB 316 would only apply if the value of a property increases, the bill also does not decrease property tax revenue.

Such tax breaks are already allowed in Coos County.

North County Sen. Jeff Woodburn argued the tax breaks should stay only in Coos County, because that part of the state needs the most economic help.

Other bill opponents argued that residents, not just businesses, should have access to the same local property tax break.

Would you support a local property tax break for businesses in your town?  Share your opinion in the comments below.