Text to be removed highlighted in red.
1 New Paragraph; Taxation; Business Profits Tax; Credits. Amend RSA 77-A:5 by inserting after paragraph XVII the following new paragraph:
XVIII. There shall be allowed an off-site infrastructure improvement credit for the value of qualified off-site infrastructure improvements constructed or funded by business organizations, pursuant to municipal approval, that directly benefit the public.
(a) The credit shall not exceed the organization's tax liability in any given year.
(b) Any unused portions of the credit allowed under this section may be carried forward for up to 20 years.
(c) The commissioner of the department of revenue administration shall adopt rules, pursuant to RSA 541-A, relative to the documentation and verification of eligible improvements and calculation of the credit allowed under this section.
2 Effective Date. This act shall take effect April 1, 2027.
Text to be added highlighted in green.
1 New Paragraph; Taxation; Business Profits Tax; Credits. Amend RSA 77-A:5 by inserting after paragraph XVII the following new paragraph:
XVIII. There shall be allowed an off-site infrastructure improvement credit for the value of qualified off-site infrastructure improvements constructed or funded by business organizations, pursuant to municipal approval, that directly benefit the public.
(a) The credit shall not exceed the organization's tax liability in any given year.
(b) Any unused portions of the credit allowed under this section may be carried forward for up to 20 years.
(c) The commissioner of the department of revenue administration shall adopt rules, pursuant to RSA 541-A, relative to the documentation and verification of eligible improvements and calculation of the credit allowed under this section.
2 Effective Date. This act shall take effect April 1, 2027.