Bill
Bill > HB1533
summary
Introduced
12/11/2023
12/11/2023
In Committee
05/14/2024
05/14/2024
Crossed Over
02/22/2024
02/22/2024
Passed
Dead
06/28/2024
06/28/2024
Introduced Session
2024 Regular Session
Bill Summary
This bill increases the amount of the safe harbor provision for compensation under the business profits tax and provides for a biennial increase in future years based on the percentage change in the Consumer Price Index.
AI Summary
This bill increases the amount of the safe harbor provision for compensation under the business profits tax from $75,000 to $100,000. It also provides for a biennial increase in future years based on the percentage change in the Consumer Price Index (CPI). The bill applies to taxable periods ending on or after December 31, 2024 and takes effect 60 days after its passage. The Department of Revenue Administration states that this bill will decrease General Fund and Education Trust Fund revenue, but the fiscal impact is indeterminable as the department is unable to determine if taxpayers will have additional compensation expenses to claim above the current $75,000 limitation.
Committee Categories
Budget and Finance
Sponsors (6)
John Janigian (R)*,
Keith Ammon (R),
Fred Plett (R),
Tom Schamberg (D),
Terry Spilsbury (R),
Jordan Ulery (R),
Last Action
Refer to Interim Study, Motion Adopted, Voice Vote; 05/22/2024; Senate Journal 14 (on 05/22/2024)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://gc.nh.gov/bill_status/legacy/bs2016/bill_status.aspx?lsr=2541&sy=2024&sortoption=&txtsessionyear=2024&txtbillnumber=HB1533 |
| BillText | https://gc.nh.gov/bill_status/legacy/bs2016/billText.aspx?sy=2024&id=1628&txtFormat=html |
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