United States

New Hampshire: Corporate Rate Reductions Enacted

Jul 10, 2017
From KPMG TaxWatch

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New Hampshire House Bill 517, which was signed into law on June 28, 2017, reduces the state’s Business Profits Tax (BPT) rate to 7.7 percent effective for tax periods ending on or after December 31, 2019 and then again to 7.5 percent for tax periods ending on or after December 31, 2021. The Business Enterprise Tax (BET) rate is likewise reduced to 0.60 percent for tax periods ending on or after December 31, 2019 and then again to 0.50 percent for tax periods ending on or after December 31, 2021. The rate reductions in House Bill 517 are not contingent; however, it should be noted that there is a pending contingent rate reduction in New Hampshire that was enacted earlier. Notably, for tax periods ending on or after December 31, 2018, the BPT rate will be reduced to 7.9 percent and the BET rate will be reduced to 0.675 percent if combined unrestricted general and education trust fund revenues of $4.64 billion are collected during the biennium that ended June 30, 2017. The Department of Revenue’s website indicates that on or about December 31, 2017, the Legislative Budget Assistant will report on whether revenue collections have met the threshold. Please stay tuned to TWIST for more tax rate changes. 


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The following information is not intended to be "written advice concerning one or more federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.