Revision: Nov. 2, 2021, 2:51 p.m.
HB 1063 - AS INTRODUCED
2022 SESSION
22-2268
10/05
HOUSE BILL 1063
SPONSORS: Rep. Major, Rock. 14; Rep. Almy, Graf. 13
COMMITTEE: Ways and Means
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ANALYSIS
This bill makes technical changes to the business profits tax and the meals and rooms tax administered by the department of revenue administration.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
22-2268
10/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Two
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Business Profits Tax; Net Operating Loss Deduction; Reference to Internal Revenue Code. Amend RSA 77-A:4, XIII to read as follows:
XIII. A deduction for the amount of the net operating loss carryover determined under section 172 of the United States Internal Revenue Code [in effect on December 31, 1996]. A net operating loss shall be apportioned in the year incurred according to RSA 77-A:3. Net operating losses may only be carried forward for the 10 years following the loss year. For taxable periods ending:
(a) On or before June 30, 2003, the amount of net operating loss generated in a tax year that may be carried forward may not exceed $250,000.
(b) On or after July 1, 2003 and on or before June 30, 2004, the amount of net operating loss generated in a tax year that may be carried forward may not exceed $500,000.
(c) On or after July 1, 2004 and on or before June 30, 2005, the amount of net operating loss generated in a tax year that may be carried forward may not exceed $750,000.
(d) On or after July 1, 2005, the amount of net operating loss generated in a tax year that may be carried forward may not exceed $1,000,000.
(e) On or after January 1, 2013, the amount of net operating loss generated in a tax year that may be carried forward may not exceed $10,000,000.
In the case of a business organization not qualifying for treatment as a subchapter C corporation under the United States Internal Revenue Code, such deduction shall be the amount that would be determined under section 172 of the United States Internal Revenue Code [in effect on December 31, 1996] if the business organization were a subchapter C corporation and as limited by this section. A deduction for the amount of the net operating loss carryover shall be limited to losses incurred on or after July 1, 1997.
2 Business Profits Tax; Research and Development Credit; Application. Amend RSA 77-A:5, XIII(a)(3) to read as follows:
(3) Taxpayers shall apply for the tax credit on forms provided by the commissioner and shall be accompanied by information or records required by the commissioner. Such application shall be [postmarked] filed no later than June 30 following the tax year during which research and development occurred.
3 Meals and Rooms Tax; Reference to Rate Corrected. Amend RSA 78-A:7, I(a) to read as follows:
I.(a) The operator shall either state the amount of the tax to each occupant, purchaser of a meal, or renter, or state that the tax is included in the price of the occupancy, meal, or gross rental receipts received. If the amount of the tax is not separately stated, the purchaser's or occupant's contract or receipt shall include the following language:
"The [9 percent] tax on meals and rooms is included for the costs of meals and lodging only."
4 Effective Date. This act shall take effect upon its passage.