Revision: May 21, 2012, midnight
HB 1209 – AS AMENDED BY THE SENATE
05/09/12 1939s
05/09/12 2099s
2012 SESSION
10/09
HOUSE BILL 1209
AN ACT establishing a committee to study administration of the business profits tax and the business enterprise tax.
SPONSORS: Rep. Stepanek, Hills 6; Rep. Bettencourt, Rock 4
This bill establishes a committee to study administration of the business profits tax and the business enterprise tax, including step up in basis, Internal Revenue Code applicability, apportionment based on costs of performance, definition of an overseas business organization, and establishing the uniform filing and combined filing of returns.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
05/09/12 1939s
05/09/12 2099s
12-2568
10/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twelve
AN ACT establishing a committee to study administration of the business profits tax and the business enterprise tax.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Committee Established. There is established a committee to study administration of the business profits tax and the business enterprise tax.
2 Membership and Compensation.
I. The committee shall consist of 3 members of the house of representatives, appointed by the speaker of the house of representatives.
II. Members of the committee shall receive mileage at the legislative rate when attending to the duties of the committee.
3 Duties. The committee shall study administration of the business profits tax and the business enterprise tax, to include the following specific issues, as well as other related matters as determined by the committee:
I. The step up in basis under the business profits tax for certain sales of business interests under RSA 77-A:4, XIV.
II. Updating the statutory references for the applicable Internal Revenue Code or establishing different applicability for amendments to Code provisions.
III. The apportionment of business profits taxation based on costs of performance.
IV. Revising the definition of an overseas business organization for purposes of the business profits tax.
V. Establishing a uniform filing schedule for returns under the business profits tax and the business enterprise tax.
VI. Allowing a combined filing by a taxpayer of a return for both the business profits tax and the business enterprise tax.
4 Chairperson; Quorum. The members of the study committee shall elect a chairperson from among the members. The first meeting of the committee shall be called by the first-named house member. The first meeting of the committee shall be held within 45 days of the effective date of this section. Two members of the committee shall constitute a quorum.
5 Report. The committee shall report its findings and any recommendations for proposed legislation to the speaker of the house of representatives, the president of the senate, the house clerk, the senate clerk, the governor, and the state library on or before November 1, 2012.
6 Effective Date. This act shall take effect upon its passage.