SB 663-FN - AS INTRODUCED
SENATE BILL 663-FN
SPONSORS: Sen. Kahn, Dist 10; Sen. Watters, Dist 4; Sen. Hennessey, Dist 5; Sen. Feltes, Dist 15; Sen. Soucy, Dist 18; Rep. Doherty, Merr. 20; Rep. Tanner, Sull. 9
COMMITTEE: Ways and Means
This bill provides for a credit against business taxes for participating employers in the graduate retention incentive partnership (GRIP) program and reduces the amount of credit available under the education tax credit.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty
Be it Enacted by the Senate and House of Representatives in General Court convened:
12-O:49-a NH GRIP Payments; Tax Credit Against Business Taxes. For each payment made to a participating employee under an agreement with a participating employer, the participating employer may claim a credit equal to 25 percent of the payment against the business profits tax due pursuant to RSA 77-A or against the business enterprise tax due pursuant to RSA 77-E provided the total credit granted shall not exceed the maximum NH GRIP tax credit allowed. Credits provided under this chapter shall not be deemed taxes paid for the purposes of RSA 77-A:5, X. A participating employer shall provide proof as determined in rules adopted by the commissioner of the department of business and economic affairs of the payments made under a participating employer agreement. The commissioner shall certify the credits granted under to this section to the department of revenue administration. The aggregate of tax credits issued by the commissioner of the department of revenue administration to all taxpayers claiming the NH GRIP credit shall not exceed $3,000,000 a year.
I. The aggregate of tax credits issued by the commissioner of the department of revenue administration to all taxpayers claiming the credit shall not exceed [$5,100,000] $2,100,000 for a program year.
XVII. The NH GRIP tax credit as computed in RSA 12-O:49-a.
77-E:3-e NH GRIP Tax Credit. The NH GRIP tax credit, as computed in RSA 12-O:49-a, shall be allowed against the tax due under this chapter.
SB 663-FN- FISCAL NOTE
FISCAL IMPACT: [ ] State [ ] County [ ] Local [ X ] None
This bill establishes a tax credit against the Business Enterprise Tax or Business Profits Tax for the NH Graduate Retention Incentive Partnership (NH GRIP) Program (RSA 12-O:49-a). The total NH GRIP credit shall not exceed $3,000,000 in a year from all taxpayers claiming the credit. This bill also reduces the education tax credit (RSA 77-G:4,I) the amount of by $3,000,000 from $5,100,000 to $2,100,000. This bill will have no fiscal impact on Business Tax revenue as the maximum $3,000,000 NH GRIP tax credit is offset by the $3,000,000 reduction to the maximum aggregate amount for the education tax credit program.
The Department of Revenue Administration is able to implement the changes contained in this bill without additional expenditures.
Department of Revenue Administration
|Jan. 29, 2020||Senate||Hearing|
|Feb. 6, 2020||Senate||Floor Vote|
|Jan. 8, 2020||Introduced 01/08/2020 and Referred to Ways and Means; SJ 2|
|Jan. 29, 2020||Hearing: 01/29/2020, Room 100, SH, 09:20 am; SC 4|
|Feb. 6, 2020||Committee Report: Inexpedient to Legislate, 02/06/2020; SC 5|
|Feb. 6, 2020||Inexpedient to Legislate, MA, VV === BILL KILLED ===; 02/06/2020; SJ 3|