Warning: Bill numbers and names are based on text-to-speech transcript which may have errors due to transcription issues or ad hoc/incomplete language use by committee.
Senator Keith Murphy introduced House Bill 1068, explaining that it taxes certain occupants who have established permanent residences under the Meals and Rooms Tax.
HB1068
Oppose00:05:00.000 - 9:18:47 AM
Mike Summers expressed concern that the bill could alter the legal standard recognizing hotel guests as non-residents, potentially leading to tenant relationships and unintended consequences like changes in residency rights for voting. He noted support for shortening the reimbursement period from 186 to 30 days but worried about broader implications on tenancy standards.
HB1068
Vote00:15:00.000 - 9:28:47 AM
The committee discussed concerns about changing the definition of permanent resident and its implications on other statutes. A motion for interim study was made by Senator Murphy, seconded by Senator Roosevelt, and passed unanimously. The bill was placed on consent calendar.
HB1194 2024-1301h
Support00:17:46.962 - 9:31:33 AM
Representative Schamberg spoke in favor of HB 1194, describing it as a fiscal stability bill that prevents sudden multi-million dollar hits to state revenues without increasing taxes or reducing protections. It caps impacts at $10 million and smooths reimbursements over time for predictability.
HB1194 2024-1301h
Support00:20:00.000 - 9:33:47 AM
Representative Jinnigan supported the bill and the amendment extending the assessment period from seven to ten years, noting agreement between the insurance department and industry.
HB1194 2024-1301h
Information Only00:22:00.000 - 9:35:47 AM
Commissioner Bettencourt explained the guarantee fund process for insolvent insurers, using the Colorado Bankers Life example to highlight revenue unpredictability. He supported the amendment eliminating the $10 million cap and extending credits from five years at 20% to ten years at 10% for better administration and predictability, benefiting taxpayers and industry.
HB1194 2024-1301h
Support00:32:46.962 - 9:46:33 AM
Henry Veu supported the amendment, explaining it simplifies the original bill by stretching tax credits from 20% over five years to 10% over ten years, reducing immediate revenue loss to the state in cases of large insolvencies while accepting the time value of money trade-off.
HB1090
Information Only00:35:00.000 - 9:48:47 AM
Senator Keith Murphy introduced House Bill 1090 relative to meals and rooms taxes.
HB1102
Support00:47:46.962 - 10:01:33 AM
Representative Janigian, Chairman of House Ways and Means, supported increasing the aggregate R&D tax credit limit from $7 million to $10 million and individual cap from $50,000 to $100,000. He highlighted its role in encouraging small companies, especially in life sciences, to grow and bring higher-paying jobs, noting companies like Apple started small.
HB1102
Support00:55:00.000 - 10:08:47 AM
Andrea Hetchiaveria emphasized the R&D tax credit's importance for the growing life sciences sector in New Hampshire, tied to manufacturing. She noted the individual cap unchanged since 2008 limits competitiveness, but data shows 12.7% annual wage growth since 2008 to $765 million, linking credits to employment and innovation benefits amid global competition.
HB1102
Support01:02:46.962 - 10:16:33 AM
David shared anecdotal evidence from his building automation systems company, noting a Middle East-based client chose New Hampshire for R&D manufacturing due to lower costs and regulations. Mentioning the R&D tax credit shifted their expansion plans toward staying in NH, potentially benefiting downstream companies and jobs in med tech and nuclear science.
HB1102
Support01:05:00.000 - 10:18:47 AM
Nach Gray supported the bill, reiterating member testimonies on its importance. He suggested staggering implementation, such as raising the per-business cap sooner without hitting the overall $3 million revenue impact immediately, to incentivize new and expanding businesses.
HB1102
Support01:08:00.000 - 10:21:47 AM
John Reynolds from NFIB supported increasing the R&D tax credit, citing studies showing it boosts investment, employment, and wages for small businesses. He provided examples of members using similar federal credits to invest in equipment, train employees, and start benefits, enhancing BPT and BET revenues.
HB1102
Information Only01:10:00.000 - 10:23:47 AM
Jennifer Ramsey provided information on the mechanics of tax credits and potential fiscal impacts, noting implementation feasibility.
HB1597
Support01:17:46.962 - 10:31:33 AM
Representative Janigian explained HB 1597 increases the Section 179 deduction limit from $500,000 to $2.5 million to match federal levels, accelerating deductions for equipment purchases to encourage investment in New Hampshire without changing total BPT revenue over time. He suggested delaying effective date to next budget cycle if revenue concerns arise.
HB1597
Support01:20:00.000 - 10:33:47 AM
The speaker discussed historical conformity changes and the growing delta with federal limits now indexed for inflation. Emphasized competitiveness, as businesses may invest elsewhere for better deductions, and benefits for tax planning by accelerating deductions in good economic times.
HB1597
Support01:25:00.000 - 10:38:47 AM
John Reynolds supported conformity to federal Section 179, citing research on its positive impacts on small business investment, employment, and wages. Provided examples of members using it for equipment like electric motors and well-drilling rigs, boosting revenues. Noted NH and CT are outliers in not conforming post-2017.
HB1597
Information Only01:27:00.000 - 10:40:47 AM
Jennifer Ramsey clarified depreciation mechanics post-Section 179, noting excess amounts depreciate over asset life. Addressed effective date changes and suggested staggering increases to smooth BPT revenue impacts, estimating up to $8.3 million maximum but less due to shifted depreciation.
HB1433
Support01:29:18.907 - 10:43:05 AM
Representative Kutab introduced HB 1433, providing a 50% tax credit for businesses investing in new or expanded child care seats (at least 12) after 2027, covering capital and initial operational costs up to $5 million aggregate annually. Aimed at addressing shortages to boost workforce participation and economic competitiveness, effective next budget cycle.
HB1433
Support01:35:00.000 - 10:48:47 AM
Trina Ingelfinger highlighted the shortage of over 9,000 child care slots, declining programs post-COVID, and waitlists filling centers multiple times. Noted economic costs of $150-250 million yearly and impacts on attracting young workforce, supporting the bill to incentivize business investments in capacity.
HB1433
Support01:44:18.907 - 10:58:05 AM
Corinne Benfield represented young people (18-40), noting child care as a top concern in surveys with 85% rating access/affordability worse in NH. Emphasized ripple effects on talent retention and industries, urging passage to signal child care as essential infrastructure for quality of life and competitiveness.
HB1433
Information Only01:47:00.000 - 11:00:47 AM
Jennifer Ramsey noted the amended bill fixes implementation issues and adds a tax cap requiring an application process feasible with current resources, but requires $40,000 for software reprogramming by vendor, requesting appropriation language.
HB1090 1301, 1237s, committee amendment
Support02:07:33.303 - 11:21:20 AM
The chair calls for a motion on House Bill 1090, adopts amendments 1301 and 1237s, proposes a committee amendment for effective dates, and moves the bill to Ought to Pass as amended on consent.
HB1090 1301, 1237s, committee amendment
Support02:08:00.000 - 11:21:47 AM
Senator Murphy moves ITL but proceeds to support amendments; seconds motions for executive session, amendments, and coming out of session.
HB1090 1301, 1237s, committee amendment
Support02:08:30.000 - 11:22:17 AM
Senator Fenton seconds motions for ITL, amendments 1301 and 1237s, committee amendment, Ought to Pass as amended, and consent; moves to take the bill out on consent.
HB1090 1301, 1237s, committee amendment
Support02:09:00.000 - 11:22:47 AM
Senator Rosenwald seconds motions for executive session, amendment 1237s, committee amendment, and coming out of executive session.
HB1090 1301, 1237s, committee amendment
Support02:12:00.000 - 11:25:47 AM
Senator Lange moves to come out of executive session.