Bill Text: NH HB1221 | 2012 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relative to the credit for the business enterprise tax against the business profits tax.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2012-06-22 - House Signed By Governor 06/18/2012; Effective 07/01/2012; Chapter 0253 [HB1221 Detail]

Download: New_Hampshire-2012-HB1221-Introduced.html

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HB 1221 – AS INTRODUCED

2012 SESSION

12-2119

09/10

HOUSE BILL 1221

AN ACT relative to the credit for the business enterprise tax against the business profits tax.

SPONSORS: Rep. D. McGuire, Merr 8; Rep. Bettencourt, Rock 4

COMMITTEE: Ways and Means

ANALYSIS

This bill clarifies that a taxpayer may apply the credit for the business enterprise tax against the business profits tax on a quarterly basis when making estimated tax payments.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

12-2119

09/10

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twelve

AN ACT relative to the credit for the business enterprise tax against the business profits tax.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Business Enterprise Tax Credit Against Business Profits Tax; Quarterly Application. Amend RSA 77-A:7, I(a) to read as follows:

(a) All business organizations required under RSA 77-A:6, II to make payments of estimated tax shall make such payments in installments as follows: 25 percent is due and payable on the fifteenth day of the fourth month of the subsequent taxable year; 25 percent is due and payable on the fifteenth day of the sixth month of the subsequent taxable year; 25 percent is due and payable on the fifteenth day of the ninth month of the subsequent taxable year; and 25 percent is due and payable on the fifteenth day of the twelfth month of the subsequent taxable year. Any business enterprise tax credit which may be applied under RSA 77-A:5, X may be applied to the estimated tax payments.

2 Effective Date. This act shall take effect July 1, 2012.