HB185 (2008) Detail

(New Title) relative to economic revitalization zone credits.


CHAPTER 58

HB 185-FN – FINAL VERSION

23Jan2008… 2596h

2008 SESSION

07-0285

05/09

HOUSE BILL 185-FN

AN ACT relative to economic revitalization zone credits.

SPONSORS: Rep. Ryan, Merr 2; Rep. Webb, Merr 2; Rep. Reed, Merr 2; Rep. Arsenault, Belk 4; Rep. Reever, Belk 4; Sen. Burling, Dist 5; Sen. Sgambati, Dist 4

COMMITTEE: Ways and Means

AMENDED ANALYSIS

This bill establishes criteria for carrying forward a portion of the economic revitalization zone tax credit.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

23Jan2008… 2596h

07-0285

05/09

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Eight

AN ACT relative to economic revitalization zone credits.

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

58:1 Limit On Total Economic Revitalization Zone Credits. Amend RSA 162-N:5 to read as follows:

162-N:5 Limit On Total Economic Revitalization Zone Credits. The aggregate value of all of economic revitalization zone tax credit agreements that the commissioner of resources and economic development enters into shall not exceed the limit of $825,000 in any fiscal year. Amounts carried forward pursuant to RSA 162-N:7 shall not be counted against this limit in any year in which they are applied. Notwithstanding RSA 162-N:6, the maximum credit [awarded to] which may be utilized by a taxpayer in any fiscal year shall not exceed $40,000.

58:2 Application of Economic Revitalization Zone Tax Credit. Amend RSA 162-N:7 to read as follows:

162-N:7 Application of Economic Revitalization Zone Tax Credit. The economic revitalization zone tax credit shall be applied against the business profits tax under RSA 77-A, and any unused portion thereof may be applied against the business enterprise tax under RSA 77-E. Any unused portion of the credit allowed under this chapter or any eligible credit in excess of $40,000 allowed under this chapter, may be carried forward and allowed against taxes due under RSA 77-A or RSA 77-E for 5 taxable periods from the taxable period in which the tax was paid. For the purpose of the credit allowed under RSA 77-A:5, X, the economic revitalization zone credit shall be considered taxes paid under RSA 77-E.

58:3 Applicability. Notwithstanding any other provision of law, all agreements made by the commissioner of resources and economic development under 2003, 301:2 prior to July 1, 2007, shall be honored, according to the provisions of 2003, 301:2.

58:4 Effective Date. This act shall take effect July 1, 2008.

Approved: May 21, 2008

Effective Date: July 1, 2008