CHAPTER 169
SB 189-FN - FINAL VERSION
02/22/2023 0558s
18May2023... 1628h
2023 SESSION
23-0764
02/04
SENATE BILL 189-FN
AN ACT relative to the definition of gross business profits in determining taxable business profits.
SPONSORS: Sen. Lang, Dist 2; Sen. Gendreau, Dist 1; Sen. Gannon, Dist 23; Sen. Innis, Dist 7; Sen. Pearl, Dist 17; Rep. Moffett, Merr. 4
COMMITTEE: Ways and Means
─────────────────────────────────────────────────────────────────
ANALYSIS
This bill alters the definition of gross business profits in determining additions and deductions allowed under the business profits tax.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
02/22/2023 0558s
18May2023... 1628h 23-0764
02/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Three
AN ACT relative to the definition of gross business profits in determining taxable business profits.
Be it Enacted by the Senate and House of Representatives in General Court convened:
169:1 New Paragraph; Business Profits Tax; Additions and Deductions. Amend RSA 77-A:4 by inserting after paragraph XIX the following new paragraph:
XX. For tax years commencing on or after January 1, 2024, a deduction equal to the amount disallowed as a deduction under section 163(j) of the Internal Revenue Code. For tax years commencing on or after January 1, 2024, an addition equal to the amount deducted by reason of a carry forward of disallowed business interest under section 163(j) of the Internal Revenue Code generated in tax years commencing after January 1, 2024. The amount of the carry forward of disallowed business interest under section 163(j) of the Internal Revenue Code as of the tax year ending before January 1, 2024 shall be allowed as a deduction in 3 equal parts over 3 consecutive years, beginning with the first tax year commencing on or after January 1, 2024.
169:2 Effective Date. This act shall take effect January 1, 2024.
Approved: July 28, 2023
Effective Date: January 01, 2024
| Date | Amendment |
|---|---|
| Feb. 16, 2023 | 2023-0558s |
| May 9, 2023 | 2023-1628h |
| Date | Body | Type |
|---|---|---|
| Feb. 8, 2023 | Senate | Hearing |
| Feb. 23, 2023 | Senate | Floor Vote |
| March 16, 2023 | Senate | Floor Vote |
| April 26, 2023 | House | Hearing |
| April 26, 2023 | House | Exec Session |
| May 3, 2023 | House | Exec Session |
| May 9, 2023 | House | Exec Session |
| May 9, 2023 | House | Floor Vote |
Aug. 1, 2023: Signed by the Governor on 07/28/2023; Chapter 0169; Effective 01/01/2024
June 30, 2023: Enrolled Adopted, VV, (In recess 06/29/2023); SJ 20
June 30, 2023: Enrolled (in recess of) 06/29/2023 HJ 17 P. 16
June 1, 2023: Sen. Lang Moved to Concur with the House Amendment, MA, VV; 06/01/2023; SJ 16
May 18, 2023: Ought to Pass with Amendment 2023-1628h: MA VV 05/18/2023 HJ 14 P. 10
May 18, 2023: Amendment # 2023-1628h: AA VV 05/18/2023 HJ 14 P. 10
May 10, 2023: Committee Report: Ought to Pass with Amendment # 2023-1628h 05/09/2023 (Vote 19-0; CC)
May 4, 2023: ==CONTINUED== Executive Session: 05/09/2023 10:00 am LOB 202-204
April 27, 2023: ==RECESSED== Executive Session: 05/03/2023 10:45 am LOB 202-204
April 19, 2023: ==RECESSED== Executive Session: 04/26/2023 01:30 pm LOB 202-204
April 19, 2023: Public Hearing: 04/26/2023 10:00 am LOB 202-204
March 21, 2023: Introduced (in recess of) 03/16/2023 and referred to Ways and Means
March 16, 2023: Ought to Pass: MA, VV; OT3rdg; 03/16/2023; SJ 10
March 8, 2023: Committee Report: Ought to Pass, 03/16/2023; SC 13
Feb. 22, 2023: Ought to Pass with Amendment 2023-0558s, DIV 15Y-9N, MA; Refer to Finance Rule 4-5; 02/22/2023; SJ 8
Feb. 22, 2023: Committee Amendment # 2023-0558s, AA, VV; 02/22/2023; SJ 8
Feb. 16, 2023: Committee Report: Ought to Pass with Amendment # 2023-0558s, 02/22/2023; SC 11
Jan. 31, 2023: Hearing: 02/08/2023, Room 100, SH, 09:00 am; SC 9
Jan. 20, 2023: Introduced 01/19/2023 and Referred to Ways and Means; SJ 5