Amendment 2024-1839s to HB1525 (2024)

(New Title) relative to credits for the business profits tax and business enterprise tax.


Revision: May 8, 2024, 1:38 p.m.

Sen. Lang, Dist 2

May 8, 2024

2024-1839s

02/06

 

 

Amendment to HB 1525

 

Amend the title of the bill by replacing it with the following:

 

AN ACT relative to credits for the business profits tax and business enterprise tax.

 

Amend the bill by replacing all after the enacting clause with the following:

 

1  Business Profits Tax; Payments Due with Returns and Estimates.  Amend RSA 77-A:7, I(b)(2)-(3) to read as follows:

(2) For taxable periods ending on or after December 31, [2025] 2029 a credit shall only be allowed in an amount up to 250 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded; and

(3) For taxable periods ending on or after December 31, [2027] 2031 a credit shall only be allowed in an amount up to 100 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded.

2  Business Enterprise Tax; Payments Due with Returns.  Amend RSA 77-E:6, II(b)-(c) to read as follows:

(b) For taxable periods ending on or after December 31, [2025] 2029 a credit shall only be allowed in an amount up to 250 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded; and

(c) For taxable periods ending on or after December 31, [2027] 2031 a credit shall only be allowed in an amount up to 100 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded.

3  Effective Date.  This act shall take effect July 1, 2024.

2024-1839s

AMENDED ANALYSIS

 

This bill extends tax credits for the business profits tax and business enterprise tax.