Text to be removed highlighted in red.
1 New Subparagraph; Business Profits Tax; Definition; United States Internal Revenue Code. Amend RSA 77-A:1, XX by inserting after subparagraph (o) the following new subparagraph:
(p) For all taxable periods beginning on or after January 1, 2027, the United States Internal Revenue Code of 1986, as amended, subject to RSA 77-A:3-a.
2 Business Profits Tax; Adjustments; Internal Revenue Code. RSA 77-A:3-a is repealed and reenacted to read as follows:
77-A:3-a Adjustments; Internal Revenue Code Provisions. 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, 2027, a business organization shall calculate expense deductions not to exceed $500,000.
3 New Paragraph; Duties of the Commissioner of Revenue Administration; Report; Internal Revenue Code Changes. Amend RSA 21-J:3 by inserting after paragraph XXXIII the following new paragraph:
XXXIV. File a report at least biennially with the finance committees of the senate and the house of representatives informing the committees of changes to the United States Internal Revenue Code, related Treasury Regulations, and administrative rulings which would impact New Hampshire.
4 Applicability.
I. Section 1 of this act shall apply to taxable periods beginning on or after January 1, 2027.
II. Section 2 of this act shall apply to property placed in service on or after January 1, 2027.
5 Effective Date. This act shall take effect upon its passage.
Text to be added highlighted in green.
1 New Subparagraph; Business Profits Tax; Definition; United States Internal Revenue Code. Amend RSA 77-A:1, XX by inserting after subparagraph (o) the following new subparagraph:
(p) For all taxable periods beginning on or after January 1, 2027, the United States Internal Revenue Code of 1986, as amended, subject to RSA 77-A:3-a.
2 Business Profits Tax; Adjustments; Internal Revenue Code. RSA 77-A:3-a is repealed and reenacted to read as follows:
77-A:3-a Adjustments; Internal Revenue Code Provisions. 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, 2027, a business organization shall calculate expense deductions not to exceed $500,000.
3 New Paragraph; Duties of the Commissioner of Revenue Administration; Report; Internal Revenue Code Changes. Amend RSA 21-J:3 by inserting after paragraph XXXIII the following new paragraph:
XXXIV. File a report at least biennially with the finance committees of the senate and the house of representatives informing the committees of changes to the United States Internal Revenue Code, related Treasury Regulations, and administrative rulings which would impact New Hampshire.
4 Applicability.
I. Section 1 of this act shall apply to taxable periods beginning on or after January 1, 2027.
II. Section 2 of this act shall apply to property placed in service on or after January 1, 2027.
5 Effective Date. This act shall take effect upon its passage.