77-A:5-b Election and Reporting for Qualified Investment Companies. –
I. Business organizations shall file an election with the commissioner to be a qualified investment company with respect to any taxable period on a form prescribed by the commissioner at any time on or before the fifteenth day of the third month of such taxable period. Such an election shall be effective for the taxable period of the qualified investment company for which it is made and for all succeeding taxable periods until such election is terminated as provided in this section.
II. Every business organization electing treatment as a qualified investment company shall, with respect to each taxable period, file a report, in accordance with such rules or forms as the commissioner may prescribe, setting forth the following:
(a) The aggregate amounts of funds invested in the qualified investment company.
(b) The names, addresses, and federal taxpayer identification numbers of the holders of such qualified investment company and the amount, if any, of their proportional share of the income required to be included in such holder's New Hampshire tax return under RSA 77:4, V and RSA 77-A:4, XV.
(c) The name, address, and federal taxpayer identification number of the manager of such qualified investment company.
(d) The amount of the income received and expenses incurred by the qualified investment company for the tax period.
(e) Notwithstanding any other provision of this section, a qualified investment company shall be deemed to have satisfied the reporting requirements of this section if it files with the commissioner a copy of its federal income tax return, as filed with the Internal Revenue Service.
III. Such report or copy of the federal income tax return shall be filed at any time on or before 30 days following the filing of the federal income tax return with the Internal Revenue Service. Any qualified investment company which fails to timely file the report as required by this section shall pay a penalty equal to $100 for each day such report is not filed, unless an extension has been granted by the commissioner. In no event shall the monetary fine imposed by this paragraph exceed $5,000. A qualified investment company notified by the department that such report is overdue by more than 50 days shall have 30 days from the date of such notification to file the delinquent report. If the delinquent report is not filed within 30 days after notification, the commissioner shall disallow the business organization qualified investment company status for the tax periods for which a timely report is not filed.
IV. The qualified investment company shall be subject to the provisions of RSA 77-A:11 and RSA 77-E:10. The commissioner is authorized to audit and enforce such provisions with any of the powers granted under this chapter and RSA 77-E.
V. The election provided for in paragraph I may be terminated as follows:
(a) By revoking said election by consent of the majority of the members, partners, or shareholders of the qualified investment company, or by determination of the manager of the qualified investment company. Such revocation must be filed with the department on or before the fifteenth day of the third month of the taxable period to be effective for such period. Any revocation filed after the fifteenth day of the third month of the taxable period shall be effective for the following tax period; or
(b) Whenever the company ceases to satisfy the requirements for qualification as a qualified investment company as provided in RSA 77-A:1, XXI.
Source. 1998, 163:6. 2004, 143:5, eff. May 24, 2004.