HB531 (2017) Detail

Increasing the minimum gross business income required for filing a business profits tax return.


HB 531-FN - AS AMENDED BY THE HOUSE

 

15Feb2017... 0193h

2017 SESSION

17-0523

09/01

 

HOUSE BILL 531-FN

 

AN ACT increasing the minimum gross business income required for filing a business profits tax return.

 

SPONSORS: Rep. McNamara, Hills. 38; Rep. Manley, Hills. 3

 

COMMITTEE: Ways and Means

 

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ANALYSIS

 

This bill increases the minimum gross business income required for filing a business profits tax return.

 

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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

15Feb2017... 0193h 17-0523

09/01

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Seventeen

 

AN ACT increasing the minimum gross business income required for filing a business profits tax return.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Minimum Gross Business Income for Filing Business Profits Tax Return.  Amend RSA 77-A:6, I and I-a to read as follows:

I.  Every business organization having gross business income in excess of [$50,000] $75,000 as defined by RSA 77-A:1, VI, during the taxable period, shall on or before the fifteenth day of the third month in the case of organizations required to file a United States partnership tax return, and the fifteenth day of the fourth month in the case of all other business organizations, following expiration of its taxable period, make a return to the commissioner.  The commissioner of revenue administration shall adopt rules, pursuant to RSA 541-A, relative to the form of such return and the data which it must contain for the correct computation of taxable business profits and gross business income attributable to this state and the tax assessed on it.  All returns shall be signed by the taxpayer or by its authorized representative, subject to the pains and penalties of perjury.

I-a.  Every business organization realizing a gain or loss on the sale or exchange of an interest in the business organization shall file a return for the taxable period, regardless of whether or not the business organization's gross business income is in excess of [$50,000] $75,000 during the taxable period.

2  Applicability.  The provisions of this act shall apply for taxable periods beginning on or after December 1, 2017.

3  Effective Date.  This act shall take effect 60 days after its passage.

 

LBAO

17-0523

Amended 2/24/17

 

HB 531-FN- FISCAL NOTE

AS AMENDED BY THE HOUSE (AMENDMENT #2017-0193h)

 

AN ACT increasing the minimum gross business income required for filing a business profits tax return.

 

FISCAL IMPACT:      [ X ] State              [    ] County               [    ] Local              [    ] None

 

 

 

Estimated Increase / (Decrease)

STATE:

FY 2018

FY 2019

FY 2020

FY 2021

   Appropriation

$0

$0

$0

$0

   Revenue

Indeterminable Decrease

Indeterminable Decrease

Indeterminable Decrease

Indeterminable Decrease

   Expenditures

$0

$0

$0

$0

Funding Source:

  [ X ] General            [ X ] Education            [   ] Highway           [    ] Other

 

 

 

 

 

METHODOLOGY:

The Department of Revenue Administration states this bill will increase the minimum gross business income threshold for filing the Business Profits Tax (BPT) return from $50,000 to gross business income in excess of $75,000.  The current BPT tax form does not have a line for a taxpayer to report their gross business income therefore the full impact of this bill can not be determined.  

 

AGENCIES CONTACTED:

Department of Revenue Administration

 

Links

HB531 at GenCourtMobile

Action Dates

Date Body Type
Jan. 25, 2017 House Hearing
Feb. 2, 2017 House Exec Session
Feb. 15, 2017 House Floor Vote
April 5, 2017 Senate Hearing
May 18, 2017 Senate Floor Vote

Bill Text Revisions

HB531 Revision: 872 Date: Feb. 24, 2017, 1:50 p.m.
HB531 Revision: 873 Date: Jan. 26, 2017, 8:24 a.m.

Docket

Date Status
Jan. 5, 2017 Introduced 01/05/2017 and referred to Ways and Means HJ 3 P. 17
Jan. 25, 2017 Public Hearing: 01/25/2017 11:30 AM LOB 202
Feb. 2, 2017 Executive Session: 02/02/2017 LOB 202
Feb. 15, 2017 Committee Report: Ought to Pass with Amendment # 2017-0193h for 02/15/2017 (Vote 21-0; CC) HC 11 P. 16
Feb. 15, 2017 Amendment # 2017-0193h: AA VV 02/15/2017 HJ 7 P. 21
Feb. 15, 2017 Ought to Pass with Amendment 0193h: MA VV 02/15/2017 HJ 7 P. 21
Feb. 16, 2017 Introduced 02/16/2017 and Referred to Ways and Means; SJ 7
April 5, 2017 Hearing: 04/05/2017, Room 100, SH, 09:30 am; SC 17
May 18, 2017 Committee Report: Inexpedient to Legislate, 05/18/2017; SC 23
May 18, 2017 Inexpedient to Legislate, MA, VV === BILL KILLED ===; 05/18/2017; SJ 17