New Hampshire Revised Statutes 71-C:4 – Tax Expenditure and Potential Liability Report
Current as of: 2023 | Check for updates
|
Other versions
[Paragraph I effective until January 1, 2025; see also paragraph I set out below.]
I. On or before December 15 of every fiscal year the commissioner of the department of revenue administration shall certify in a report to the general court and the governor an analysis of each of the past fiscal year’s tax expenditures as identified in N.H. Rev. Stat. § 71-C:2, and other credits allowed under RSA 77, RSA 77-A, RSA 77-E, RSA 77-G, RSA 78, RSA 78-A, 78-B, RSA 82-A, RSA 84-A, RSA 84-C, and RSA 400-A.
Terms Used In New Hampshire Revised Statutes 71-C:4
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
[Paragraph I effective January 1, 2025; see also paragraph I set out above.]
I. On or before December 15 of every fiscal year the commissioner of the department of revenue administration shall certify in a report to the general court and the governor an analysis of each of the past fiscal year’s tax expenditures as identified in N.H. Rev. Stat. § 71-C:2, and other credits allowed under RSA 77-A, RSA 77-E, RSA 77-G, RSA 78, RSA 78-A, 78-B, RSA 82-A, RSA 84-A, RSA 84-C, and RSA 400-A.
[Paragraph II effective until January 1, 2025; see also paragraph II set out below.]
II. The report shall be divided into the following parts:
(a) Tax expenditures as determined by the joint committee on tax expenditure review under N.H. Rev. Stat. § 71-C:3;
(b) Potential liabilities against the state‘s revenues, specifically:
(1) Other credits allowed under RSA 77, RSA 77-A, RSA 77-E, RSA 77-G, RSA 78, RSA 78-A, RSA 78-B, RSA 82, RSA 82-A, RSA 84-A, RSA 84-C, and N.H. Rev. Stat. Chapter 400-A against the business profits tax imposed by RSA 77-A; and
(2) Credit carryovers from overpaid taxes.
[Paragraph II effective January 1, 2025; see also paragraph II set out above.]
II. The report shall be divided into the following parts:
(a) Tax expenditures as determined by the joint committee on tax expenditure review under N.H. Rev. Stat. § 71-C:3;
(b) Potential liabilities against the state’s revenues, specifically:
(1) Other credits allowed under RSA 77-A, RSA 77-E, RSA 77-G, RSA 78, RSA 78-A, RSA 78-B, RSA 82, RSA 82-A, RSA 83-E, RSA 84-A, RSA 84-C, and N.H. Rev. Stat. Chapter 400-A against the business profits tax imposed by RSA 77-A; and
(2) Credit carryovers from overpaid taxes.
III. The report shall include the total dollar amount allowed under each credit or factor during the previous fiscal year, the number of receiving entities, and the amount of the credit still available at the beginning of the current fiscal year. In the event that data is not available to calculate the remaining credit, the report shall provide an estimate and the method used to reach it.
IV. The report shall be made available to the general public on the department of revenue administration’s website.