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1 New Section; Graduate Retension Incentive Partnership (GRIP); Tax Credit. Amend RSA 12-O by inserting after section 49 the following new section:
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.
2 Education Tax Credit; Total Reduced. Amend RSA 77-G:4, I to read as follows:
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 for a program year.
3 New Paragraph; Business Profits Tax; GRIP Tax Credit. Amend RSA 77-A:5 by inserting after paragraph XVI the following new paragraph:
XVII. The NH GRIP tax credit as computed in RSA 12-O:49-a.
4 New Section; Business Enterprise Tax; NH GRIP Tax Credit. Amend RSA 77-E by inserting after section 3-d the following new section:
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.
5 Applicability. The tax credits authorized in this act shall apply to tax years beginning on and after January 1, 2021.
6 Effective Date. This act shall take effect July 1, 2020.
Text to be added highlighted in green.
1 New Section; Graduate Retension Incentive Partnership (GRIP); Tax Credit. Amend RSA 12-O by inserting after section 49 the following new section:
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.
2 Education Tax Credit; Total Reduced. Amend RSA 77-G:4, I to read as follows:
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 $2,100,000 for a program year.
3 New Paragraph; Business Profits Tax; GRIP Tax Credit. Amend RSA 77-A:5 by inserting after paragraph XVI the following new paragraph:
XVII. The NH GRIP tax credit as computed in RSA 12-O:49-a.
4 New Section; Business Enterprise Tax; NH GRIP Tax Credit. Amend RSA 77-E by inserting after section 3-d the following new section:
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.
5 Applicability. The tax credits authorized in this act shall apply to tax years beginning on and after January 1, 2021.
6 Effective Date. This act shall take effect July 1, 2020.