Two bills signed into law this Legislative session aim to help businesses in NH.
Senate Bill 239 simplifies the tax-filing process for NH businesses by adopting the most updated federal Internal Revenue Code for the application of the state business profits tax so businesses don't have to account for differences in state and federal law. It also increase the amount businesses can deduct for one time capital expenditures from the current $25,000 to $100,000.
Senate Bill 342 changes the way businesses are taxed when a partner sells its interest in the business and addresses what the Business and Industry Association of NH called a "long time thorny issue." By changing the rules relating to how the tax is applied, it aims to incentivize businesses to grow in NH.
“Over the past few years, we have worked together to maintain our tax-friendly environment and to support innovative, job-creating businesses in New Hampshire, holding the line against a sales or income tax and cutting taxes for small businesses while protecting our ability to advance other critical economic priorities,” Governor Maggie Hassan said in a statement. “By simplifying the tax filing process, reducing taxes for New Hampshire businesses, and making it easier for companies to attract capital investments and invest in new equipment, these bipartisan bills will build on those efforts, and I am proud to have signed them into law to reduce taxes for businesses in the Granite State, helping to reaffirm that New Hampshire is a great place for business and our status among the best business tax climates in the country."
Current Issue - May 2024