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1 Taxation; Business Profits Tax; Credits. Amend RSA 77-A:5, XIII (a)(1)-(2) to read as follows:
(1) The aggregate of tax credits issued by the commissioner to all taxpayers claiming the credit shall not exceed $7,000,000 for any fiscal year.
(2) Each credit shall be used to offset the taxpayer's tax liability within the subsequent 5 tax years. The amount of the credit shall be the lesser of:
(A) Ten percent of the excess of the qualified manufacturing research and development expenses for the taxable year over the base amount;
(B) The proportional share of the maximum aggregate credit amount allowed in subparagraph (1);
(C) $50,000 .
2 Effective Date. This act shall take effect July 1, 2026.
Text to be added highlighted in green.
1 Taxation; Business Profits Tax; Credits. Amend RSA 77-A:5, XIII (a)(1)-(2) to read as follows:
(1) The aggregate of tax credits issued by the commissioner to all taxpayers claiming the credit shall not exceed $10,000,000 for any fiscal year.
(2) Each credit shall be used to offset the taxpayer's tax liability within the subsequent 5 tax years. The amount of the credit shall be the lesser of:
(A) Ten percent of the excess of the qualified manufacturing research and development expenses for the taxable year over the base amount;
(B) The proportional share of the maximum aggregate credit amount allowed in subparagraph (1);
(C) $100,000 .
2 Effective Date. This act shall take effect July 1, 2026.