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Bill > HB502
NH HB502
Relative to complete corporate reporting for unitary businesses under the business profits tax and revenues from the state education property tax.
summary
Introduced
01/14/2025
01/14/2025
In Committee
02/07/2025
02/07/2025
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
This bill: I. Repeals the water's edge combined group provisions of the business profits tax. II. Requires the department of revenue administration to receive the revenues from thestate education property tax and deposit them in the education trust fund. III. Revises the procedures for calculating state education grants. IV. Modifies the criteria for relief under the low and moderate income homeowners property tax relief program. V. Establishes a committee to study the low and moderate income homeowners property tax relief program.
AI Summary
This bill revises several aspects of New Hampshire's tax and property tax relief systems, with a primary focus on changing corporate taxation and expanding homeowner property tax relief. The bill repeals the "water's edge" method of corporate taxation, which previously allowed multinational corporations to exclude foreign profits from state tax calculations, and returns to a "complete corporate reporting" approach that treats parent corporations and their subsidiaries as a single taxpayer. This change aims to prevent profit shifting and create a more equitable tax system for businesses. The bill also modifies the low and moderate income homeowners property tax relief program by increasing income thresholds for eligibility, adjusting calculation methods, and setting a maximum annual relief amount of $1,100. Additionally, the bill requires municipalities to send education property tax revenues to the Department of Revenue Administration for deposit in the education trust fund, with municipalities retaining 3% for administrative costs. A new legislative committee is established to study potential expansions of the property tax relief program, including exploring relief options for tenants and developing a statewide property tax deferral program. The changes to corporate taxation and property tax relief will take effect on January 1, 2026, with the study committee being established immediately upon the bill's passage.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Inexpedient to Legislate: Motion Adopted Regular Calendar 209-163 02/20/2025 House Journal 6 P. 22 (on 02/20/2025)
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://gc.nh.gov/bill_status/legacy/bs2016/bill_status.aspx?lsr=0519&sy=2025&sortoption=&txtsessionyear=2025&txtbillnumber=HB502 |
BillText | https://gc.nh.gov/bill_status/legacy/bs2016/billText.aspx?sy=2025&id=526&txtFormat=html |
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