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Senator proposes small-business stabilization fund to blunt tariff shock; committee hears similar testimony to tariff-credit bill
Summary
Senate Bill 638 would create a stabilization fund to support small businesses affected by tariffs and declining tourism. Sponsor and witnesses said tariffs and related international responses have reduced Canadian visitation and increased costs for firms; the committee discussed parallels with other relief efforts and budget timing for potential action.
Senate Bill 638 would establish a small-business tariff stabilization fund intended to help New Hampshire small businesses handle sudden cost increases attributable to tariffs and related economic shocks.
Senator Rebecca Perkins Quoko told the committee the bill follows models used during prior economic disruptions and would provide short-term bridge funding while markets stabilize. She cited testimony earlier in the hearing that Canadian tourism has declined and that tariff-related cost increases can raise household and operating costs.
Speakers reiterated earlier points from the tariff-credit hearing: small retailers and manufacturers have experienced margin compression, some manufacturers have publicly itemized tariff-driven price increases, and overall economic volatility — including shifts in tourism — is affecting municipal revenues and local businesses.
Committee members discussed whether an emergency stabilization fund or targeted tax credits are a better instrument; some members noted the uncertain and evolving nature of tariffs and international responses and expressed concern about fiscal exposure if funds are set up without precise eligibility and exit rules.
The committee recessed for a short break and then moved to executive session where members voted on multiple committee actions described in the transcript.
