CONCORD, N.H. (AP) _ A proposal to change the state’s tax laws that began as an effort to accommodate gym company Planet Fitness is heading to Gov. Maggie Hassan’s desk.
The House on Wednesday joined the Senate in backing the change. It will allow companies to avoid an up-front tax increase on certain gains in value, such as going public. If a business chooses not to declare the new value, it wouldn’t be able to take it as a future tax deduction.
Preparing to go public, Planet Fitness recently requested a change in the law and threatened to move its headquarters out of state.
Opponents of the change say it could create major losses in future business revenue. But supporters say the change is long overdue.
Hassan says she has concerns with the bill.