Revision: Oct. 19, 2023, 10:47 a.m.
2024 SESSION
24-2537.0
05/10
HOUSE BILL [bill number]
AN ACT relative to increasing the amount of the expense deduction allowed against the business profits tax.
SPONSORS: [sponsors]
COMMITTEE: [committee]
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ANALYSIS
This bill increases the amount of the section 179 expense deduction permitted against the business profits tax.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
24-2537.0
05/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Four
AN ACT relative to increasing the amount of the expense deduction allowed against the business profits tax.
Be it Enacted by the Senate and House of Representatives in General Court convened:
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] 2025, a business organization shall calculate expense deductions not to exceed [$500,000] $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.