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This is interesting. While the House is considering HB 1686 to draw on the interest and dividend tax as a large source of additional funding for the Education Tax Credit program (the original voucher program, established in 2012 but never gaining the support it needed through donations from the New Hampshire business community), the Senate is bringing forward a bill to abolish that tax. Here is the report in the Union Leader: (more…)
SB 193, the voucher bill currently under consideration by the House Finance Committee, is not the only school choice bill in the legislature right now. HB 1492 proposes to enable parents to send their children to any public school at local taxpayer expense.
And HB 1686 would significantly expand sources of funding for New Hampshire’s original voucher program, established by the 2012 Education Tax Credit bill, from businesses paying the business profits tax to any individual paying New Hampshire tax on interest and dividends.
If both SB 193 and HB 1686 passed, both vouchers could be added together, creating much larger annual grants for home or private schooling. (more…)
The New Hampshire legislature has worked for years to make New Hampshire, according to the preamble of a 2011 bill, “the best and most attractive legal environment in the nation for trusts and fiduciary services, an environment that will continue to attract to our state good-paying jobs.” The Granite State is now what the Wall Street Journal (reported by the New Hampshire Business Review) called “a kind of mini-Switzerland for wealthy Northeast families.”
The dozens of trust companies flocking to New Hampshire generate substantial interest and dividend income subject to New Hampshire tax. School choice advocates have written HB 1686 to siphon as much of that tax revenue as possible off into grants to subsidize home and private schools. (more…)