New Hampshire HB1668 modifies business profits tax calculations to align with Internal Revenue Code changes, limiting expense deductions for property.

New Hampshire HB1668 amends the business profits tax to align with the Internal Revenue Code, specifically adjusting expense deductions for property placed in service after January 1, 2026. The bill limits these deductions to $500,000 for property used in business operations starting from 2027. Additionally, it mandates the Commissioner of Revenue Administration to report biennially to the finance committees of the state legislature on changes in the Internal Revenue Code that could affect New Hampshire's tax policies. This act takes effect immediately upon passage.

New Hampshire HB1668 modifies business profits tax calculations to align with Internal Revenue Code changes, limiting expense deductions for property.

New Hampshire HB1668 amends the business profits tax to align with the Internal Revenue Code, specifically adjusting expense deductions for property placed in service after January 1, 2026. The bill limits these deductions to $500,000 for property used in business operations starting from 2027. Additionally, it mandates the Commissioner of Revenue Administration to report biennially to the finance committees of the state legislature on changes in the Internal Revenue Code that could affect New Hampshire's tax policies. This act takes effect immediately upon passage.