1 New Paragraph; Business Profits Tax; Paid Maternity and Paternity Leave Tax Credit. Amend RSA 77-A:5 by inserting after paragraph XV the following new paragraph:

XVI. The unused portion of any paid maternity and paternity leave tax credit awarded by the commissioner under RSA 77-E:3-e.

2 New Section; Business Enterprise Tax; Paid Maternity and Paternity Leave Tax Credit. Amend RSA 77-E by inserting after section 3-d the following new section:

77-E:3-e Paid Maternity and Paternity Leave Tax Credit.

I. There shall be a tax credit in the amount of 50 percent of the payments made by the business enterprise to an employee as paid maternity or paternity leave as certified by the commissioner of business and economic affairs under RSA 162-S:2.

II. Unused portions of this credit shall be carried forward up to 5 years. Unused, carried forward credit under this section shall be applied before any other available carry-forward credit.

III. For the purpose of the credit allowed under this section, the paid maternity and paternity leave tax credit shall be considered taxes paid under RSA 77-E.

IV. The aggregate of tax credits issued by the commissioner to all taxpayers claiming the credit shall not exceed $10,000,000 for any fiscal year.

3 New Chapter; Paid Maternity and Paternity Leave Tax Credit. Amend RSA by inserting after chapter 162-R the following new chapter:

CHAPTER 162-S

PAID MATERNITY AND PATERNITY LEAVE TAX CREDIT

162-S:1 Definitions. In this chapter, "paid maternity and paternity leave" means wages paid to an employee during leave time directly before and after childbirth or adoption to care for the employee's newborns or young children.

162-S:2 Approval and Certification. The commissioner of the department of business and economic affairs, in consultation with the commissioner of the department of revenue administration, shall develop application forms with which taxpayers may apply for the paid maternity and paternity leave tax credit. The forms shall be submitted by taxpayers to the commissioner of the department of business and economic affairs, and the commissioner shall approve or deny such application and certify to the commissioner of the department of revenue administration the total credit amount awarded to each business organization that has paid maternity or paternity leave to its employees. In each fiscal year the total amount of credits certified shall not exceed $10,000,000.

4 Applicability. Sections 1-3 of this act shall apply for tax periods ending after January 1, 2019.

5 Effective Date. This act shall take effect July 1, 2018.

1 New Paragraph; Business Profits Tax; Paid Maternity and Paternity Leave Tax Credit. Amend RSA 77-A:5 by inserting after paragraph XV the following new paragraph:

XVI. The unused portion of any paid maternity and paternity leave tax credit awarded by the commissioner under RSA 77-E:3-e.

2 New Section; Business Enterprise Tax; Paid Maternity and Paternity Leave Tax Credit. Amend RSA 77-E by inserting after section 3-d the following new section:

77-E:3-e Paid Maternity and Paternity Leave Tax Credit.

I. There shall be a tax credit in the amount of 50 percent of the payments made by the business enterprise to an employee as paid maternity or paternity leave as certified by the commissioner of business and economic affairs under RSA 162-S:2.

II. Unused portions of this credit shall be carried forward up to 5 years. Unused, carried forward credit under this section shall be applied before any other available carry-forward credit.

III. For the purpose of the credit allowed under this section, the paid maternity and paternity leave tax credit shall be considered taxes paid under RSA 77-E.

IV. The aggregate of tax credits issued by the commissioner to all taxpayers claiming the credit shall not exceed $10,000,000 for any fiscal year.

3 New Chapter; Paid Maternity and Paternity Leave Tax Credit. Amend RSA by inserting after chapter 162-R the following new chapter:

CHAPTER 162-S

PAID MATERNITY AND PATERNITY LEAVE TAX CREDIT

162-S:1 Definitions. In this chapter, "paid maternity and paternity leave" means wages paid to an employee during leave time directly before and after childbirth or adoption to care for the employee's newborns or young children.

162-S:2 Approval and Certification. The commissioner of the department of business and economic affairs, in consultation with the commissioner of the department of revenue administration, shall develop application forms with which taxpayers may apply for the paid maternity and paternity leave tax credit. The forms shall be submitted by taxpayers to the commissioner of the department of business and economic affairs, and the commissioner shall approve or deny such application and certify to the commissioner of the department of revenue administration the total credit amount awarded to each business organization that has paid maternity or paternity leave to its employees. In each fiscal year the total amount of credits certified shall not exceed $10,000,000.

4 Applicability. Sections 1-3 of this act shall apply for tax periods ending after January 1, 2019.

5 Effective Date. This act shall take effect July 1, 2018.