NH HB1629

Repeals New Hampshire's Business Enterprise Tax (BET) and all statutory references to it, effective July 1, 2027, with the first impacted tax year being 2028

Estimated to reduce state revenue by approximately $49 million in FY 2028, $226.9 million in FY 2029, and $257.8 million annually from FY 2030 onward based on the current 0.55% BET rate applied to a $46.9 billion tax base

Revenue losses would be split between the General Fund (approximately 61%) and Education Trust Fund (approximately 39%), with cumulative impact reaching $533.7 million by FY 2030

Removes associated BET credits that currently offset Business Profits Tax liability, which may partially offset revenue losses by increasing BPT collections, though the Department notes this offset will be incomplete

Requires a one-time expenditure of $36,500 for a mail campaign to notify affected taxpayers of the repeal