Volume 2, Issue 2  2010 NEW HAMPHSIRE LEGISLATURE IN FULL SWING
5% TAX ON DIVIDENDS/INTEREST TO DISTRIBUTIONS FROM LLC’S AND PARTNERSHIPS/REASONABLE COMPENSATION DEFINITION TAKE CENTER STAGE…
HB 1661…HB 1641…bills that would repeal last year’s controversial extension of the tax on LLC’s were heard by the House Ways and Means Committee, and were supported by the business community and IIABNH. The Department of Revenue however continues with its rulemaking procedures to implement collection of the tax during 2010, possibly retroactive to January 1st. Members may recall this is the tax that was inserted in the budget at the last minute in 2009 with no public hearing or debate as a means of closing the budget deficit. Support for repeal from the business community is widespread, and IIIABNH will continue its support as well! In a related matter, HB 1607… is an attempt at defining reasonable compensation for the purposes of determining a safe harbor for taxable income. If defined, any income over the threshold amount would be subject to audit, W-2 compensation, and taxation under the new BPT and the Interest and Dividends tax, while any compensation under the threshold amount would be considered a “safe harbor”, W-2 compensation, and not subject to those two taxes. Debate centers on the dollar or percentage figure established. The House Ways and Means Committee is working on the bill and the BIA/NH is participating in the work group!
Click here to read Senator Jeb Bradley’s newsletter on these taxes and legislation
SMALL BUSINESS DAY AT THE STATE HOUSE This will be held on Wednesday, January 27th at the Holiday Inn in Concord. IIABNH is one of the sponsors, and the ½ day program will feature a panel of legislative leadership from the House and Senate as well as an in depth look at small business taxation issues. Legislative Chair Will Infantine and President Bob Nash will be attending for the IIABNH!! 2010 IIABNH LEGISLATIVE BILL TRACKING AVAILABLE TO MEMBERS ON THE IIABNH WEB SITE
NEW IN 2010 IS A DIRECT LINK TO ALL BILLS!!! Effective with this issue of Agent Digest is a direct link to all bills being tracked by IIABNH during the 2010 legislative session. Click here!
The complete list of tracked bills with direct links to text will also be on the web site effective today! This gives all members the ability to click on the bill number and be linked directly to the legislation. The Web and Digest bill tracking will be updated every two weeks through the legislative session. COMPANY NEWS
IIABNH’s two E&O carriers, Westport and Fireman’s Fund, both carry an ‘A’ rating from AM Best and continue to produce some of the best form/rate combinations in the industry! In addition, IIABNH has access to multiple surplus lines E&O carriers through A.J. Wayne Associates. From start up to the largest agencies, we have options that you should explore! IIABA has introduced the Virtual Risk Consultant powered by Rough Notes, a web based sales and service resource designed to help your agency better serve your customers. Click here for an informational flyer Click here to go to the VRC website
ASSOCIATION NEWS AND EVENTS
Agency interest in secure email solutions continues to be strong as more states pass laws impacting unsecure email communications containing client personal information. ACT recommends independent agents and carriers implement TLS email encryption as a means of achieving secure email wherever possible to protect the sensitive client information being emailed between agents and carriers, such as commercial lines applications. ACT is hosting a newly updated, FREE webinar on February 25, 1:30-2:30 PM eastern time on the importance of secure email and the opportunity for independent agents to use TLS email encryption to achieve it.
Click here for details CLASSES Workers Compensation – Basics & Advanced February 2
Register online
Registration form
AAI 83 B – The Insurance Production Environment February 4 Register online
Registration form
ACSR 4 – E&O Loss Control February 9
Register online
Registration form
AIS 25 February 11
Register online
Registration form
Quarterly Education Calendar
Register on-line, by fax, by mail, by phone view calendar
MEETINGS
Education Committee meeting February 10
IIABNH offices Concord, NH
Board of Directors meeting at 9am February 18
IIABNH offices Concord, NH
Legislative Committee at 1pm February 18
IIABNH offices Concord, NH
Young Agents Committee meeting February 19
IIABNH offices Concord, NH
Legislative meeting March 3 – 7
Washington, DC
Mid-Year meeting April 14 - 15
Nashua, NH
NH Insurance Department E-Newsletter...read here NEW....The NH Insurance Department will no longer be printing and mailing paper Producer or Adjuster licenses effective April 1, 2009. Read the complete Licensing Bulletin here.
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professional development classes individually or by the quarter. Select a quarter and you'll see an overview for all the classes that will be offered for that three month period. Click on "Registration Form" and you can sign up for as many classes as you like without having to do an individual registration for each class. If you prefer signing up for one class at a time, or have a particular class you'd like to take, then go to the Full Education Calendar where you can sign up online or print out a registration form to mail or fax.
