HB 201-FN-A – AS INTRODUCED
2011 SESSION
09/10
HOUSE BILL 201-FN-A
AN ACT establishing deductions from the tax on gambling winnings, the business profits tax, and the business enterprise tax for gambling losses.
SPONSORS: Rep. Weyler, Rock 8; Rep. Elliott, Rock 4; Rep. Bulis, Graf 1; Rep. Sapareto, Rock 5; Rep. C. Christensen, Hills 19; Sen. Barnes, Jr., Dist 17
This bill establishes deductions from the tax on gambling winnings, the business profits tax, and the business enterprise tax for gambling losses.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
11-0006
09/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eleven
AN ACT establishing deductions from the tax on gambling winnings, the business profits tax, and the business enterprise tax for gambling losses.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Deduction From Tax on Gambling Winnings. Amend RSA 77 by inserting after section 41 the following new section:
77:41-a Deduction for Gambling Losses. There shall be a deduction from the tax payable under this subdivision for gambling losses which are reported as itemized deductions on federal income tax returns. Any person claiming the deduction for gambling losses shall retain proof of such losses in the form of tickets, statements, or similar items.
2 New Paragraph; Business Profits Tax; Deduction for Gambling Losses. Amend RSA 77-A:4 by inserting after paragraph XVIII the following new paragraph:
XIX. In the case of a business organization with profits attributable to gambling, a deduction for gambling losses greater than $600.
3 New Paragraph; Business Profits Tax; Deduction for Gambling Losses. Amend RSA 77-E:3 by inserting after paragraph III the following new paragraph:
IV. In the case of a business enterprise with profits attributable to gambling, a deduction for gambling losses greater than $600.
4 Effective Date. This act shall take effect July 1, 2011.
LBAO
11-0006
01/14/11
HB 201-FN-A - FISCAL NOTE
AN ACT establishing deductions from the tax on gambling winnings, the business profits tax, and the business enterprise tax for gambling losses.
FISCAL IMPACT:
The Department of Revenue Administration states this bill will reduce state revenue by an indeterminable amount in FY 2012 and each year thereafter. This bill will have no fiscal impact on state, county, and local expenditures, or county and local revenue.
METHODOLOGY:
The Department of Revenue Administration states this bill seeks to add a credit for gambling losses under the Gambling Winnings Tax under RSA 77, and allow business organizations with profits attributable to gambling to deduct gambling losses greater than $600 under the Business Profits Tax (BPT) and Business Enterprise Tax (BET). While the Department receives data from federal form W-2G pertaining to individual gambling winnings, the Department does not receive data pertaining to individual gambling losses reported on an individual’s federal tax return. As such, the Department is unable to determine the fiscal impact of the bill at this time.