Revision: May 15, 2024, 12:11 p.m.
Senate Ways and Means
May 15, 2024
2024-1982s
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.
2024-1982s
AMENDED ANALYSIS
This bill extends tax credits for the business profits tax and business enterprise tax.