HB 531-FN - AS AMENDED BY THE HOUSE
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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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.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
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seventeen
Be it Enacted by the Senate and House of Representatives in General Court convened:
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.
HB 531-FN- FISCAL NOTE
AS AMENDED BY THE HOUSE (AMENDMENT #2017-0193h)
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
Estimated Increase / (Decrease)
[ X ] General [ X ] Education [ ] Highway [ ] Other
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.
Department of Revenue Administration
|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|
|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|