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1 Business Profits Tax; Expense Deductions. Amend RSA 77-A:3-a to read as follows:
77-A:3-a Expense Deductions. In determining gross business profits before net operating loss and special deductions, a business organization shall calculate expense deductions as permitted under Section 179 of the Internal Revenue Code as provided in RSA 77-A:1, XX, except that for property placed in service on or after January 1, 2018 , a business organization shall calculate expense deductions not to exceed $500,000 .
2 Applicability. This act shall apply to all taxable periods ending on or after December 31, 2024.
3 Effective Date. This act shall take effect 60 days after its passage.
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1 Business Profits Tax; Expense Deductions. Amend RSA 77-A:3-a to read as follows:
77-A:3-a Expense Deductions. In determining gross business profits before net operating loss and special deductions, a business organization shall calculate expense deductions as permitted under Section 179 of the Internal Revenue Code as provided in RSA 77-A:1, XX, except that for property placed in service on or after January 1, 2025 , a business organization shall calculate expense deductions not to exceed $1,000,000 .
2 Applicability. This act shall apply to all taxable periods ending on or after December 31, 2024.
3 Effective Date. This act shall take effect 60 days after its passage.