Budget & Taxes (Business Taxes)

HB 1597 raises the maximum deductible amount for business property purchases from $500,000 to $2.5 million for property placed in service on or after January 1, 2027. This directly affects businesses making significant capital investments in equipment or property, aligning New Hampshire’s tax code with federal deduction limits. The key provision modifies the expense deduction cap under the Business Profits Tax statute, allowing larger upfront deductions for qualifying assets. The bill takes effect 60 days after passage, with potential revenue impacts noted as indeterminable starting in fiscal year 2027.

HB 1629 repeals New Hampshire's business enterprise tax (codified as RSA 77-E) and removes all references to it from state tax laws. The bill eliminates this tax from statutes governing tax reporting requirements, penalties for late filing, tax credit calculations, and funding for the education trust fund. Businesses that previously paid the business enterprise tax will no longer be subject to this specific tax code. The legislation makes technical changes to remove outdated references without altering other tax rates or creating new obligations.

HB 1546 repeals New Hampshire's business profits tax, eliminating a tax that previously applied to businesses operating within the state. The bill removes all references to "business profits tax" from state statutes, including tax code sections, reporting requirements, and penalty provisions. This change directly affects businesses that were required to pay this tax, removing their obligation to file returns or pay associated penalties for this specific tax. The bill does not replace the tax with another business tax but simply removes the existing requirement.