Revision: Dec. 7, 2022, 1:56 p.m.
2023 SESSION
23-0764.0
02/04
SENATE BILL [bill number]
AN ACT relative to the definition of gross business profits in determining taxable business profits.
SPONSORS: [sponsors]
COMMITTEE: [committee]
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ANALYSIS
This bill alters the definition of gross business profits in determining additions and deductions allowed under the business profits tax.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
23-0764.0
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:
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 before January 1, 2024.
2 Effective Date. This act shall take effect January 1, 2024.