Revision: Dec. 6, 2023, 3:26 p.m.
2024 SESSION
24-2539.1
05/10
HOUSE BILL [bill number]
SPONSORS: [sponsors]
COMMITTEE: [committee]
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ANALYSIS
This bill allows for an adjustment to gross business profits under RSA 77-A for depreciation permitted under Internal Revenue Code Section 168(k).
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
24-2539.1
05/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Four
Be it Enacted by the Senate and House of Representatives in General Court convened:
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77-A:3-b, I, relative to exclusion of the depreciation deduction under section 168(k) of the Internal Revenue Code is repealed.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.