BEING A FIRST-GENERATION American, I understand the value of hard work and determination and fully believe in the importance of freedom and opportunity. Currently, I own 32 franchise small business locations and have more than 500 employees in this network. When I reflect on how fortunate I have been, I am reminded that this success was never simply handed to me, it took long nights, extra shifts and hard work to get me to where I am today.
Part of the American promise is the idea that, with hard work and dedication, anyone can succeed. Today, our local restaurants and businesses are facing unprecedented strife and challenge as we recover from a pandemic that no one could have predicted. From being forced to furlough employees to even having to close their doors altogether, our local businesses have had to make tough calls to even stay afloat during these unprecedented times.
After a tough year of everyone tightening their belts amongst the chaos, the New Hampshire House has taken some outstanding steps to assure that our businesses have tools to bounce back and succeed again. Among the $171 million in tax cuts that the House has delivered, there are three in particular that will result in more success for our local businesses.
The first is the reduction of Meals and Rooms Tax across the state. By lowering this tax, citizens are encouraged to give their business to our local restaurants whether it is as big of an event as a wedding reception or just your morning cup of coffee at the drive thru. Where the Meals and Rooms Tax affects all restaurants statewide, lowering this tax assures that every single restaurant benefits. As a bonus, the lower tax that is collected features a fund that will exclusively be used to return a percentage of the taxes collected to the towns hosting these businesses. This means that towns will have more money to work on projects like downtown renovations and refurbishments, further encouraging people to visit and engage with local businesses and assuring local money stays in these communities.
To further assist our businesses, the House has cut the Business Enterprise Tax and the Business Profits Tax. These cuts will allow both large and small job creators to invest more in their business and workforce. Especially when it comes to small businesses, increases in profits mean that businesses have the resources to assure that their goods and services are top quality and that their employees are well taken care of for their hard work. By cutting this tax, our legislators have assured New Hampshire business owners that they are invested in promoting and lifting up our companies, our services, and our workers.
Our House members understand that it is not the government that makes our state great, but rather the hardworking men and women that continue to fuel the New Hampshire Advantage. Especially at a time when all of our costs are going up like crazy, it is nice to know that the House is trying to reduce the cost of living anywhere they can.
I hope that everyone gets to experience prosperity in their business and dealings, and I want to remind every citizen in our state that a business-friendly New Hampshire is one worth fighting for.