Revision: Feb. 11, 2011, midnight
SB 155-FN-A – AS INTRODUCED
2011 SESSION
10/03
SENATE BILL 155-FN-A
AN ACT relative to section 179 expense deductions under the business profits tax.
SPONSORS: Sen. Forrester, Dist 2; Sen. Gallus, Dist 1; Sen. Forsythe, Dist 4; Sen. Sanborn, Dist 7; Rep. Worsman, Belk 3; Rep. Chandler, Carr 1
This bill allows a business organization to apply the current federal section 179 expense deduction amount in the calculation of gross business profits before net operating loss and special deductions under 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
11-0929
10/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eleven
AN ACT relative to section 179 expense deductions under the business profits tax.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Business Profits Tax; Gross Business Profits; Expense Deductions. Amend RSA 77-A by inserting after section 3 the following new section:
77-A:3-a Expense Deductions. Notwithstanding the definition of Internal Revenue Code in RSA 77-A:1, XX(l), in determining gross business profits before net operating loss and special deductions, a business organization shall calculate expense deductions as permitted under Internal Revenue Code section 179 using the version of the United States Internal Revenue Code in effect as of December 31, 2010.
2 Application. Section 1 of this act shall apply to taxable periods beginning on or after January 1, 2011.
3 Effective Date. This act shall take effect upon its passage.
LBAO
11-0929
02/10/11
SB 155-FN-A - FISCAL NOTE
AN ACT relative to section 179 expense deductions under the business profits tax.
FISCAL IMPACT:
The Office of Legislative Budget Assistant is unable to complete a fiscal note for this bill as it is awaiting information from the Department of Revenue Administration. When completed, the fiscal note will be forwarded to the Senate Clerk's Office.