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HB386: reducing the rate of the business profits tax.

Citation
2016 HB386
Official source

Bill details

Version history, amendments, and roll-call votes were not present in the imported local bill data.

House status
Inexpedient to Legislate
Committee
HOUSE Ways and Means
Hearing
Time not specified
Selected version
Current official bill text

Sponsors

Topics

Taxation Business and labor

Official links

HB 386-FN-A - AS INTRODUCED

2015 SESSION

15-0132

09/05

HOUSE BILL 386-FN-A

AN ACT reducing the rate of the business profits tax.

SPONSORS: Rep. Spillane, Rock 2; Rep. Tasker, Rock 2; Rep. Duarte, Rock 2; Rep. Barnes, Rock 8; Rep. Hannon, Straf 25; Rep. Moore, Hills 21; Rep. C. McGuire, Merr 29; Rep. Itse, Rock 10; Rep. Schleien, Hills 37; Rep. Martin, Merr 23

COMMITTEE: Ways and Means

ANALYSIS

This bill reduces the rate of the business profits tax.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

15-0132

09/05

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Fifteen

AN ACT reducing the rate of the business profits tax.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Business Profits Tax; Imposition of Tax. Amend RSA 77-A:2 to read as follows:

77-A:2 Imposition of Tax. A tax is imposed at the rate of [8.5] 7 percent upon the taxable business profits of every business organization.

2 Applicability. Section 1 of this act shall apply to returns and taxes due under RSA 77-A on account of taxable periods ending on or after July 1, 2015.

3 Effective Date. This act shall take effect July 1, 2015.

LBAO

15-0132

01/07/15

HB 386-FN-A - FISCAL NOTE

AN ACT reducing the rate of business profits tax.

FISCAL IMPACT:

The Department of Revenue Administration states this bill, as introduced, will reduce state general and education trust fund revenue by $60,088,235 in FY 2016 and each year thereafter. There will be no fiscal impact on state, county, and local expenditures, or county and local revenue.

METHODOLOGY:

The Department of Revenue Administration states this bill reduces the Business Profits Tax (BPT) rate from the current rate of 8.5% to 7.00% effective July 1, 2015. The Department states the estimated BPT revenue for FY 2015 is $340,500,000. Divided by the current BPT rate of 8.5%, DRA estimates the taxable base at $4,005,882,353. Applying the taxable base to the proposed BPT rate of 7.00% would result in total revenue of approximately $280,411,765, a reduction of $60,088,235 in FY 2016 and each year thereafter.