1 Business Profits Tax; Payments Due With Returns and With Estimates. Amend RSA 77-A:7, I(b) to read as follows:

(b) If the return required by RSA 77-A:6, I shows an additional amount to be due, such additional amount is due and payable on the prescribed payment date. If such return shows an overpayment of the tax due, the commissioner shall refund or credit the overpayment to the taxpayer in accordance with RSA 21-J:28-a, except that:

(1) For taxable periods ending on or after December 31, 2022 a credit shall only be allowed in an amount up to 500 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded;

(2) For taxable periods ending on or after December 31, 2029 a credit shall only be allowed in an amount up to 250 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded; and

(3) For taxable periods ending on or after December 31, 2031 a credit shall only be allowed in an amount up to 100 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded

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2 Effective Date. This act shall take effect 60 days after its passage.

1 Business Profits Tax; Payments Due With Returns and With Estimates. Amend RSA 77-A:7, I(b) to read as follows:

(b) If the return required by RSA 77-A:6, I shows an additional amount to be due, such additional amount is due and payable on the prescribed payment date. If such return shows an overpayment of the tax due, the commissioner shall refund or credit the overpayment to the taxpayer in accordance with RSA 21-J:28-a, except that:

(1) For taxable periods ending on or after December 31, 2022 a credit shall only be allowed in an amount up to 500 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded;

(2) For taxable periods ending on or after December 31, 2029 a credit shall only be allowed in an amount up to 450 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded;

(3) For taxable periods ending on or after December 31, 2031 a credit shall only be allowed in an amount up to 400 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded ;

(4) For taxable periods ending on or after December 31, 2033 a credit shall only be allowed in an amount up to 350 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded;

(5) For taxable periods ending on or after December 31, 2035 a credit shall only be allowed in an amount up to 300 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded;

(6) For taxable periods ending on or after December 31, 2037 a credit shall only be allowed in an amount up to 250 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded;

(7) For taxable periods ending on or after December 31, 2039 a credit shall only be allowed in an amount up to 200 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded; and

(8) For taxable periods ending on or after December 31, 2041 a credit shall only be allowed in an amount up to 150 percent of the total tax liability for the taxable period and the remainder of the overpayment shall be refunded .

2 Effective Date. This act shall take effect 60 days after its passage.