Text to be removed highlighted in red.
1 New Paragraph; Business Profits Tax. Amend RSA 77-A:4 by inserting after paragraph XIX the following new paragraph:
XX. A deduction of the full amount of fair, reasonable, and customary compensation for members and owners of business organizations subject to taxation under RSA 77-A, to the extent such amounts are not already deducted in arriving at the business organization's gross business profits, as defined in RSA 77-A:1, III.
2 New Paragraph; Department of Revenue Administration; General Provisions; Rulemaking Authority. Amend RSA 21-J:13 by inserting after paragraph XIV the following new paragraph:
XV. The implementation of a deduction for fair, reasonable, and customary compensation of members and owners of businesses subject to the business profits tax established under RSA 77-A:4, XX.
3 Effective Date. This act shall take effect July 1, 2023.
Text to be added highlighted in green.
1 New Paragraph; Business Profits Tax. Amend RSA 77-A:4 by inserting after paragraph XIX the following new paragraph:
XX. A deduction of the full amount of fair, reasonable, and customary compensation for members and owners of business organizations subject to taxation under RSA 77-A, to the extent such amounts are not already deducted in arriving at the business organization's gross business profits, as defined in RSA 77-A:1, III.
2 New Paragraph; Department of Revenue Administration; General Provisions; Rulemaking Authority. Amend RSA 21-J:13 by inserting after paragraph XIV the following new paragraph:
XV. The implementation of a deduction for fair, reasonable, and customary compensation of members and owners of businesses subject to the business profits tax established under RSA 77-A:4, XX.
3 Effective Date. This act shall take effect July 1, 2023.