Bill > SB652

This bill amends existing law regarding tax credits for overpayments of business profits tax, which is a tax levied on the profits of businesses operating in the state. Specifically, it changes the maximum percentage of a business's total tax liability that can be received as a credit for an overpayment, with any amount exceeding this percentage being refunded. For taxable periods ending on or after December 31, 2029, the maximum credit allowed will be 450 percent of the tax liability, and for periods ending on or after December 31, 2031, it will be 400 percent. The bill further phases down this maximum credit percentage in subsequent years, with reductions to 350 percent for periods ending on or after December 31, 2033, 300 percent for periods ending on or after December 31, 2035, 250 percent for periods ending on or after December 31, 2037, 200 percent for periods ending on or after December 31, 2039, and finally 150 percent for periods ending on or after December 31, 2041.

Budget and Finance

https://gc.nh.gov/bill_Status/billinfo.aspx?id=2467&inflect=2