New Hampshire HB1597 modifies business profits tax expense deductions, increasing the cap over time.

New Hampshire HB1597 amends the business profits tax expense deductions by adjusting the cap on deductions over several years. Starting from January 1, 2027, the cap increases from $500,000 to $1,000,000, then to $1,500,000 by January 1, 2029, and further to $2,000,000 by January 1, 2031. The cap will ultimately reach $2,500,000 by January 1, 2033. This act takes effect 60 days after its passage.

New Hampshire HB1597 modifies business profits tax expense deductions, increasing the cap over time.

New Hampshire HB1597 amends the business profits tax expense deductions by adjusting the cap on deductions over several years. Starting from January 1, 2027, the cap increases from $500,000 to $1,000,000, then to $1,500,000 by January 1, 2029, and further to $2,000,000 by January 1, 2031. The cap will ultimately reach $2,500,000 by January 1, 2033. This act takes effect 60 days after its passage.