SB 515-FN-A – AS AMENDED BY THE SENATE
03/06/08 0817s
2008 SESSION
09/10
SENATE BILL 515-FN-A
AN ACT relative to the combat veteran business tax credit.
SPONSORS: Sen. Cilley, Dist 6; Sen. Downing, Dist 22; Sen. Burling, Dist 5; Sen. Letourneau, Dist 19; Rep. Baldasaro, Rock 3
This bill establishes a combat veteran business tax credit against the business enterprise tax and allows any unused portion of the credit to be applied to 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03/06/08 0817s
08-2823
09/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eight
AN ACT relative to the combat veteran business tax credit.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Combat Veteran Business Tax Credit. Amend RSA 77-A:5 by inserting after paragraph XIII the following new paragraph:
XIV. The unused portion of any combat veteran business tax credit awarded by the commissioner under RSA 77-E:3-c shall be available to apply to the business profits tax.
2 New Section; Business Enterprise Tax; Combat Veteran Business Tax Credit. Amend RSA 77-E by inserting after section 3-b the following new section:
77-E:3-c Combat Veteran Business Tax Credit.
I. There shall be tax credit of $1,000 per tax period for each owner or operator of a business enterprise, who:
(a) Is serving in the National Guard or reserve or is a veteran of the National Guard or reserve;
(b) Served a tour of duty in a qualifying duty location; and
(c) Applies for such credit on a form with supporting documentation as designated and determined by the commissioner.
II. Tax credits under this section shall be granted for no more than 2 consecutive tax periods that immediately follow the tax period in which owner or operator is returns from a qualifying duty location.
III. The cumulative total of all tax credits under this section shall not exceed $2,000.
IV. Unused portions of this credit shall apply to the business profits tax as provided by RSA 77-A:5, XIV. Any unused portion of the credit after application to the business profits tax shall lapse.
V. For the purpose of this section, a “qualifying duty location” means:
(a) A hazardous duty area, as recognized by the Internal Revenue Service; or
(b) A combat zone, as designated by Presidential Executive Order.
3 Effective Date. This act shall take effect upon its passage.
LBAO
08-2823
Amended 03/18/08
SB 515 FISCAL NOTE
AN ACT relative to the combat veteran business tax credit.
FISCAL IMPACT:
The Department of Revenue Administration states this bill, as amended by the Senate (Amendment #2008-0817s), may decrease state revenue by an indeterminable amount in FY 2009 and each fiscal year thereafter. There is no fiscal impact on county and local revenue or state, county, and local expenditures.
METHODOLOGY:
The Department of Revenue Administration states this bill adds a combat veteran’s business tax credit to be applied against the business profits tax and the business enterprise tax for owners or operators of a business enterprise who qualify. The Department is unable to determine how many business owners or operators would qualify for the business tax credits. However, the Department states this bill may decrease state revenue by an indeterminable amount. The Department states it would be able to absorb any costs associated with this bill in the Department’s operating budget.