HB 1567 (2020)
Summary:
Changes the water's edge method of taxation for unitary business groups under the business profits tax to worldwide combined reporting for taxable periods starting in 2022. A unitary business group under worldwide combined reporting, unlike a water's edge combined group, includes foreign incorporated business organizations and entities referred to as 80/20 companies where 80% or more of the average of their payroll and property is located outside the United States. Such an overseas business organization is subject to the business profits tax under the water's edge method as a separate entity provided that the business organization by itself is engaged in business activity in NH.
Bill Became Law?:
No
Status Detail:
Interim Study