Back in July we posted an update about several New Hampshire Tax updates and changes, most stemming from the passing of NH’s biennial budget. Last week the Governor signed Senate Bill 101 which will impact the NH Business Profits Tax (BPT).
Currently, the Business Profits Tax must be filed by New Hampshire businesses that have gross receipts of $50,000 or more. Senate Bill 101 increases the threshold considerably, to $92,000, beginning with taxable periods ending December 31, 2022 and beyond.
Also noteworthy is a new biennial adjustment based on the consumer price index (CPI). The gross receipts threshold will be increased to the nearest $1,000 based on the 2-year percentage change in the CPI. This first increase will occur for tax years beginning January 1, 2023.
As a result of this change New Hampshire businesses could save up to $7,084 of what they were required to pay based on current tax rates ($91,999 x 7.7%).
Remember to follow us on LinkedIn to stay up to date on all of our posts and contact your accountant if you have any questions.
Also noteworthy is a new biennial adjustment based on the consumer price index (CPI). The gross receipts threshold will be increased to the nearest $1,000 based on the 2-year percentage change in the CPI. This first increase will occur for tax years beginning January 1, 2023.
As a result of this change New Hampshire businesses could save up to $7,084 of what they were required to pay based on current tax rates ($91,999 x 7.7%).
Remember to follow us on LinkedIn to stay up to date on all of our posts and contact your accountant if you have any questions.
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