HB 668-FN - AS INTRODUCED

2015 SESSION

15-0761

09/03

HOUSE BILL 668-FN

AN ACT relative to expense deductions under the business profits tax.

SPONSORS: Rep. Sanborn, Hills 41; Rep. Edelblut, Hills 38; Rep. Abrami, Rock 19; Rep. Hill, Merr 3; Rep. Azarian, Rock 8

COMMITTEE: Ways and Means

ANALYSIS

This bill allows a business organization to calculate expense deductions as defined by Internal Revenue Code section 179, but not to exceed $100,000 per calendar year under the business profits 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

15-0761

09/03

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Fifteen

AN ACT relative to expense deductions under the business profits tax.

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

1 Business Profits Tax; Expense Deductions. Amend RSA 77-A:3-a to read as follows:

77-A:3-a Expense Deductions. Notwithstanding the definition of Internal Revenue Code in RSA 77-A:1, XX, in determining gross business profits before net operating loss and special deductions, a business organization shall calculate expense deductions [not to exceed $25,000] as permitted under Internal Revenue Code section 179 using the version of the United States Internal Revenue Code in effect as of January 1, 2012, but not to exceed $100,000 per calendar year.

2 Applicability. This act shall apply for tax periods beginning January 1, 2015.

3 Effective Date. This act shall take effect upon its passage.

LBAO

15-0761

Revised 01/29/15

HB 668-FN FISCAL NOTE

AN ACT relative to expense deductions under the business profits tax.

FISCAL IMPACT:

METHODOLOGY: