SB 350-FN-A – AS INTRODUCED
2010 SESSION
09/10
SENATE BILL 350-FN-A
AN ACT exempting interest on indebtedness paid by dairy farmers from the business enterprise tax.
SPONSORS: Sen. Reynolds, Dist 2; Sen. Gallus, Dist 1; Sen. Houde, Dist 5; Rep. Sad, Ches 2; Rep. S. Smith, Graf 7; Rep. Ladd, Graf 5; Rep. Ford, Graf 3
This bill exempts interest on indebtedness paid by dairy farmers from the 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
10-2848
09/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Ten
AN ACT exempting interest on indebtedness paid by dairy farmers from the business enterprise tax.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Business Enterprise Tax; Special Adjustments. Amend RSA 77-E:3 by inserting after paragraph III the following new paragraph:
IV. In the case of a business enterprise which is a dairy farm, a deduction of an amount equal to interest on indebtedness paid by the business enterprise.
2 Effective Date. This act shall take effect July 1, 2010.
LBAO
10-2848
12/30/09
SB 350-FN-A - FISCAL NOTE
AN ACT exempting interest on indebtedness paid by dairy farmers from the business enterprise tax.
FISCAL IMPACT:
The Department of Revenue Administration states the fiscal impact of this bill on state general and education trust fund revenue is indeterminable in FY 2011 and each fiscal year thereafter. This bill will have no fiscal impact on state, county and local expenditures or county and local revenue.
METHODOLOGY:
The Department of Revenue Administration states this bill exempts interest on indebtedness paid by diary farmers from the business enterprise tax. The Department does not have data to determine the amount of indebtedness of only dairy farms and therefore did not estimate the fiscal impact of this bill. The Department further believes that allowing different tax treatment to dairy farmers from all other business enterprise taxpayers may result in constitutional challenges.