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RSA 21-J:33-a · Substantial Understatement Penalty

Title
I: THE STATE AND ITS GOVERNMENT
Chapter
21-J · DEPARTMENT OF REVENUE ADMINISTRATION
Status
current
Official source linked
Yes
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21-J:33-a Substantial Understatement Penalty. –

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I.

If there is a substantial understatement of tax imposed under RSA 77-A, RSA 77-E, RSA 78-A, RSA 78-C, RSA 82-A, RSA 83-C, or RSA 84-A for any taxable period, there shall be added to the tax an amount equal to 25 percent of the amount of any underpayment attributable to such understatement.

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II.

For the purposes of this section, there is a substantial understatement of tax for any taxable period if the amount of the understatement for the taxable period exceeds the greater of:

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(a)

10 percent of the tax required to be shown on the return for the taxable period; or

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(b)

$5,000.

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III.

For the purposes of paragraph II, the term "understatement" means the excess of:

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(a)

The amount of the tax required to be shown on the return for the taxable period, over

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(b)

The amount of the tax imposed which is shown on the return.

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IV.

The amount of the understatement as defined in paragraph III shall be reduced by that portion of the understatement which is attributable to:

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(a)

The tax treatment of any item by the taxpayer if there is or was substantial authorization for such treatment; or

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(b)

Any item with respect to which the relevant facts affecting the item's tax treatment are adequately disclosed in the return or in a statement attached to the return. Source. 1991, 163:10; 299:4; 390:5. 1993, 4:3; 350:3. 1997, 347:2, eff. April 29, 2001. 2014, 158:10, eff. June 30, 2014. 2017, 156:226, eff. Jan. 1, 2019. 2021, 91:93, eff. Jan. 1, 2025.

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Source note

Source. 1991, 163:10; 299:4; 390:5. 1993, 4:3; 350:3. 1997, 347:2, eff. April 29, 2001. 2014, 158:10, eff. June 30, 2014. 2017, 156:226, eff. Jan. 1, 2019. 2021, 91:93, eff. Jan. 1, 2025.

Source history

  • 1991, 163:10; 299:4; 390:5
  • 1993, 4:3; 350:3
  • 1997, 347:2, eff. April 29, 2001
  • 2014, 158:10, eff. June 30, 2014
  • 2017, 156:226, eff. Jan. 1, 2019
  • 2021, 91:93, eff. Jan. 1, 2025

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