Bill Text: NH HB1525 | 2024 | Regular Session | Amended
Bill Title: Relative to credits for the business profits tax and business enterprise tax.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2024-07-26 - Signed by Governor Sununu 07/19/2024; Chapter 245; eff. 07/01/2024 [HB1525 Detail]
Download: New_Hampshire-2024-HB1525-Amended.html
HB 1525 - AS AMENDED BY THE SENATE
7Mar2024... 0711h
05/22/2024 1982s
2024 SESSION
24-2518
02/10
HOUSE BILL 1525
AN ACT relative to credits for the business profits tax and business enterprise tax.
SPONSORS: Rep. Doucette, Rock. 25; Sen. Abbas, Dist 22
COMMITTEE: Ways and Means
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AMENDED ANALYSIS
This bill extends tax credits for the business profits tax and business enterprise tax.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
7Mar2024... 0711h
05/22/2024 1982s 24-2518
02/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Four
AN ACT relative to credits for the business profits tax and business enterprise tax.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Business Profits Tax; Payments Due with Returns and Estimates. Amend RSA 77-A:7, I(b)(2)-(3) to read as follows:
(2) For taxable periods ending on or after December 31, [2025] 2029 a credit shall only be allowed in an amount up to 250 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded; and
(3) For taxable periods ending on or after December 31, [2027] 2031 a credit shall only be allowed in an amount up to 100 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded.
2 Business Enterprise Tax; Payments Due with Returns. Amend RSA 77-E:6, II(b)-(c) to read as follows:
(b) For taxable periods ending on or after December 31, [2025] 2029 a credit shall only be allowed in an amount up to 250 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded; and
(c) For taxable periods ending on or after December 31, [2027] 2031 a credit shall only be allowed in an amount up to 100 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded.
