Bill Text: NH HB518 | 2012 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Changing the prospective repeal date for the research and development tax credit.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2012-06-07 - House Signed By Governor 06/05/2012; Effective 08/04/2012; Chapter 0116 [HB518 Detail]

Download: New_Hampshire-2012-HB518-Amended.html

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HB 518-FN-A – AS AMENDED BY THE HOUSE

4Jan2012… 2579h

2011 SESSION

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09/10

HOUSE BILL 518-FN-A

AN ACT changing the prospective repeal date for the research and development tax credit.

SPONSORS: Rep. Garcia, Rock 4

COMMITTEE: Ways and Means

AMENDED ANALYSIS

This bill changes the prospective repeal date for the research and development tax credit from July 1, 2013 to July 1, 2015.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

4Jan2012… 2579h

11-0461

09/10

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Eleven

AN ACT changing the prospective repeal date for the research and development tax credit.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Research and Development Tax Credit; Prospective Repeal Date Changed. Amend 2007, 271:7, I to read as follows:

I. Section 6 of this act shall take effect July 1, [2013] 2015.

2 Effective Date. This act shall take effect 60 days after its passage.

LBAO

11-0461

Revised 01/31/11

HB 518 FISCAL NOTE

AN ACT changing the prospective repeal date for the research and development tax credit.

FISCAL IMPACT:

The Department of Revenue Administration states this bill may decrease state revenue by an indeterminable amount in FY 2014 and each year thereafter. This bill will have no fiscal impact on state, county, and local expenditures, or county and local revenue.

METHODOLOGY:

The Department of Revenue Administration states this bill would increase the business profits tax research and development (R&D) tax credit over a 5-year period. The Department states the change in law would take effect July 1, 2012, and it appears the intent of the bill is to distribute $5,000,000 of such credit in FY 2013. Credits awarded in FY 2013 must be requested before the end of FY 2012, thus the Department states they would not be able to distribute the $5,000,000 in R&D tax credits in FY 2013. The Department states they are unable to administer the bill as written, and are unable to determine an exact fiscal impact at this time.