New Hampshire HB1646 creates a tax credit for businesses that fund off-site infrastructure improvements benefiting the public.
New Hampshire HB1646 amends the Business Profits Tax to include an off-site infrastructure improvement credit for businesses that construct or fund such improvements, subject to municipal approval. The credit is limited to the business's tax liability for the year and can be carried forward for up to 20 years if unused. The Department of Revenue Administration will establish rules for documenting and verifying eligible improvements and calculating the credit. This change takes effect on April 1, 2027.
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