HB1531 (2024) Compare Changes

The Bill Text indicates a repeal. This means the text being replaced is not available in the bill, and the unchanged text displayed is incomplete. The original text can be viewed by following the link to the RSA. Also, an accompanying re-enactment is not handled currently, and displayed in both unchanged and changed versions.
The Bill Text indicates a new section is being inserted. This situation is not handled right now, and the new text is displayed in both the changed and unchanged versions.

Unchanged Version

Text to be removed highlighted in red.

1 New Section; Business Profits Tax; Special Allowance for Depreciation under Section 168(k) of the Internal Revenue Code. Amend RSA 77-A by inserting after section 3-d the following new section:

77-A:3-e Special Allowance for Depreciation under Section 168(k) of the Internal Revenue Code. In determining gross business profits before net operating loss and special deductions, a business organization shall calculate the additional allowance as permitted under Section 168(k) of the Internal Revenue Code as provided in RSA 77-A:1, XX only for qualified property placed in service after December 31, 2024. The applicable percentage as provided in Section 168(k)(6) shall mean 100 percent.

2 Repeal. RSA 77-A:3-b, I, relative to exclusion of the depreciation deduction under section 168(k) of the Internal Revenue Code is repealed.

3 Applicability. This act shall apply to all taxable periods ending after December 31, 2024.

4 Effective Date. This act shall take effect 60 days after its passage.

Changed Version

Text to be added highlighted in green.

1 New Section; Business Profits Tax; Special Allowance for Depreciation under Section 168(k) of the Internal Revenue Code. Amend RSA 77-A by inserting after section 3-d the following new section:

77-A:3-e Special Allowance for Depreciation under Section 168(k) of the Internal Revenue Code. In determining gross business profits before net operating loss and special deductions, a business organization shall calculate the additional allowance as permitted under Section 168(k) of the Internal Revenue Code as provided in RSA 77-A:1, XX only for qualified property placed in service after December 31, 2024. The applicable percentage as provided in Section 168(k)(6) shall mean 100 percent.

2 Repeal. RSA 77-A:3-b, I, relative to exclusion of the depreciation deduction under section 168(k) of the Internal Revenue Code is repealed.

3 Applicability. This act shall apply to all taxable periods ending after December 31, 2024.

4 Effective Date. This act shall take effect 60 days after its passage.