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On July 24, 2025, the state of New Hampshire unveiled a new tax reform initiative aimed at providing relief to small businesses across the state. Governor Emily Johnson signed into law a series of tax cuts and incentives designed to stimulate economic growth and support local entrepreneurs.The cornerstone of the new tax reform initiative is a reduction in the Business Profits Tax rate from 7.7% to 5.5% for small businesses with annual revenues of less than $500,000. This significant tax cut is expected to provide much-needed relief to small business owners who have been struggling to stay afloat in the wake of the economic downturn caused by the COVID-19 pandemic.In addition to the reduction in the Business Profits Tax rate, Governor Johnson also announced a new tax credit program for small businesses that invest in employee training and workforce development programs. Under this program, eligible businesses can receive a tax credit of up to 50% of the costs associated with training programs for their employees.Furthermore, the state government has also pledged to streamline the tax filing process for small businesses by introducing a new online platform that will make it easier for entrepreneurs to file their taxes and access information about tax incentives and credits.Governor Johnson emphasized the importance of supporting small businesses as the backbone of New Hampshire's economy, stating, "Small businesses are the lifeblood of our communities, and it is crucial that we provide them with the support they need to thrive and grow. This tax reform initiative is just the beginning of our efforts to create a business-friendly environment that will attract investment and create jobs across the state."Overall, the new tax reform initiative in New Hampshire is expected to boost economic growth, create new opportunities for entrepreneurs, and strengthen the state's position as a competitive destination for small businesses. With these new tax cuts and incentives in place, small business owners in New Hampshire can look forward to a brighter future ahead.