Revision: Jan. 1, 2008, midnight
CHAPTER 2
HB 351 – FINAL VERSION
06Mar2007… 0191h
01/17/08 2628s
06Feb2008… 2008-0348eba
2008 SESSION
09/05
HOUSE BILL 351
AN ACT clarifying that the definition of “overseas business organization” includes all foreign incorporated business organizations and all 80/20 business organizations.
SPONSORS: Rep. Major, Rock 8; Rep. Hamm, Merr 4
This bill clarifies that the definition of “overseas business organization” includes all foreign incorporated business organizations and all 80/20 business organizations.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
06Mar2007… 0191h
01/17/08 2628s
06Feb2008… 2008-0348eba
07-1029
09/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eight
AN ACT clarifying that the definition of “overseas business organization” includes all foreign incorporated business organizations and all 80/20 business organizations.
Be it Enacted by the Senate and House of Representatives in General Court convened:
2:1 Definitions; Water’s Edge Combined Group. Amend the introductory paragraph of RSA 77-A:1, XV to read as follows:
XV. “Water’s edge combined group” means a group of business organizations as defined in RSA 77-A:1, I operating a unitary business, except for overseas business organizations, as defined in paragraph XIX; provided, however, [overseas] 80/20 business organizations shall only be excluded from the definition of “water’s edge combined group” if the following criteria are met:
2:2 Definitions; Foreign Dividends; Foreign Property, Payroll and Sales; Overseas Business Organizations. Amend RSA 77-A:1, XVII – XIX to read as follows:
XVII. “Foreign dividends” as used in RSA 77-A:3, II means [dividend income received from affiliated business organizations, which have 80 percent or more of the average of their payroll and property assignable to a location outside the 50 states and the District of Columbia] dividends from overseas business organizations. For purposes of RSA 77-A:3, II(b), actual distributions from partnerships, limited liability companies, and “S” corporations are dividends for purposes of this definition.
XVIII. “Foreign property, payroll and sales” as used in RSA 77-A:3, II means the property, payroll, and sales data of [affiliated business organizations which have 80 percent or more of the average of their payroll and property assignable to a location outside the 50 states and the District of Columbia] overseas business organizations, and which have paid dividends to a member of the water’s edge combined group.
XIX. “Overseas business organizations” means foreign incorporated business organizations and business organizations with 80 percent or more of the average of their payroll and property assignable to a location outside the 50 states and the District of Columbia.
2:3 Effective Date. This act shall take effect 60 days after its passage.
Approved: February 22, 2008
Effective Date: April 22, 2008