Revision: Jan. 13, 2011, midnight
HB 154-FN-A – AS INTRODUCED
2011 SESSION
09/01
HOUSE BILL 154-FN-A
AN ACT increasing the threshold amounts for taxation under the business enterprise tax.
SPONSORS: Rep. Sapareto, Rock 5; Rep. Weyler, Rock 8; Rep. Major, Rock 8; Rep. Bates, Rock 4; Rep. Fields, Belk 2; Sen. Bragdon, Dist 11; Sen. Barnes, Jr., Dist 17; Sen. Gallus, Dist 1
This bill increases the threshold amounts for taxation under the business enterprise 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
11-0162
09/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eleven
AN ACT increasing the threshold amounts for taxation under the business enterprise tax.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Business Enterprise Tax; Returns. Amend RSA 77-E:5 to read as follows:
77-E:5 Returns.
I. Every business enterprise having gross business receipts in excess of [$150,000] $200,000 as defined by RSA 77-E:1, X, during the taxable period or the enterprise value tax base of which is greater than [$75,000] $100,000, shall, on or before the fifteenth day of the third month in the case of enterprises required to file a United States corporation tax return, and the fifteenth day of the fourth month in the case of all other business enterprises, following expiration of its taxable period, make a return to the commissioner. All returns shall be signed by the business enterprise or by its authorized representative, subject to the pains and penalties of perjury and the penalties provided in RSA 21-J:39.
II. Every business enterprise shall in addition file a declaration of its estimated business enterprise tax for its subsequent taxable period; provided, however, if the estimated tax is less than [$200] $260, a declaration need not be filed; and provided further that a declaration shall be filed at the end of any quarter thereafter in which estimated tax exceeds [$200] $260. The declaration shall be filed when payments are due under RSA 77-E:6.
2 Effective Date. This act shall take effect July 1, 2011.
LBAO
11-0162
12/09/10
HB 154-FN-A - FISCAL NOTE
AN ACT increasing the threshold amounts for taxation under the business enterprise tax.
FISCAL IMPACT:
The Department of Revenue Administration states this bill would decrease state revenue by $6,239,000 in FY 2012 and by an indeterminable amount in FY 2013 and each year thereafter. This bill will have no fiscal impact on county and local revenue or state, county and local expenditures.
METHODOLOGY:
The Department states this bill would increase the business enterprise tax (BET) filing threshold from $150,000 to $200,000 for gross business receipts and from $75,000 to $100,000 for business enterprise tax value base (BETVB). The Department estimated the FY 2012 fiscal impact of this bill using FY 2010 actual BET filing data. The Department states that there were 40,822 tax returns filed during FY 2010, of which 18,266 had a reported BETVB of less than $100,000 and generated $6,239,000 of BET that under this legislation, would no longer be subject to BET. The Department further states that this BET change will not have a corresponding impact on the BET credit used to offset business profits tax (BPT), because there is a large amount of BET credit carryover that would make up the difference. The fiscal impact is stated as indeterminable in FY 2013 and each year thereafter because the Department did not make a projection beyond FY 2012.
The Department states this bill could be administered without any additional cost. This bill would not impact state expenditures or county and local revenues or expenditures.