CHAPTER 146
HB 598-FN-A – FINAL VERSION
2007 SESSION
09/04
HOUSE BILL 598-FN-A
AN ACT repealing certain foreign dividend deductions under the business profits tax and repealing an exemption to the real estate transfer tax.
This bill repeals certain foreign dividend deductions under the business profits tax and repeals an exemption to the real estate transfer tax concerning transfers pursuant to merger, consolidation, or reorganization of Internal Revenue Code section 501(c)(3) or 501(c)(2) organizations.
This bill was requested by the department of revenue administration.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
07-1000
09/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
AN ACT repealing certain foreign dividend deductions under the business profits tax and repealing an exemption to the real estate transfer tax.
Be it Enacted by the Senate and House of Representatives in General Court convened:
146:1 Repeal. The following are hereby repealed:
I. RSA 77-A:4, IV, relative to a corporate deduction of gross business profits derived from dividends paid to the parent by a subsidiary whose gross business profits have already been subject to taxation.
II. RSA 77-A:4, V, relative to a joint venture and partnership deduction of gross business profits derived from distributions from the joint venture or partnership to another business organization and which have already been subject to taxation.
III. RSA 77-A:4, VI, relative to corporate deduction of a distribution to a parent company by a domestic international sales corporation where the profits from which the distribution is made have already been subject to taxation.
IV. RSA 78-B:2, XIX, relative to an exemption from real estate transfer tax for transfers of title pursuant to merger, consolidation, or reorganization of 2 or more Internal Revenue Code section 501(c)(3) or 501(c)(2) organizations.
146:2 Effective Date. This act shall take effect 60 days after its passage.
Approved: June 18, 2007
Effective: August 17, 2007