New Hampshire Statement of Reduction of Capital of a Corporation
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How to fill out Statement Of Reduction Of Capital Of A Corporation?
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FAQ
For 2021 and earlier, businesses with $50,000 or less in New Hampshire gross receipts are not required to pay the BPT tax or a BPT return. For 2022 and later, this filing threshold is increased to $92,000. BPT returns for partnerships are due on the 15th day of the 3rd month following the end of the taxable period.
The tax is assessed on income from conducting business activity within the state at the rate of 7.7% for taxable periods ending on or after December 31, 2019. For taxable periods ending on or after December 31, 2022, the BPT rate is reduced to 7.6%.
New Hampshire's business profits tax (BPT) is a flat-rate tax on a business's taxable income (taxable income being determined essentially by federal income tax rules, with a few adjustments). The state budget passed in June 2021 scheduled a BPT decrease from 7.7% to 7.6% starting in 2022.
What Is The New Hampshire Capital Gains Tax? Unlike federal capital gains taxes, there is no capital gains tax in New Hampshire. In other words, there is not a state-level tax imposed on capital gains earned by individuals, businesses, or other legal entities.
The tax is assessed on interest and dividend income at a rate of 5%. Interest and dividend income of $2,400 ($4,800 for joint filers) is exempt from the I&D tax. An additional exemption of $1,200 is available to taxpayers who are 65 years of age or older, blind, or younger than age 65 and disabled and unable to work.
All business organizations, including Limited Liability Companies (LLC), taxed as a partnership federally must file Form NH-1065 return provided they have conducted business activity in New Hampshire and their gross business income from everywhere is in excess of $92,000.
NH has two corporate taxes: the Business Profits Tax (BPT) and the Business Enterprise Tax (BET). The BPT rate is 8.5% of income for corporations with gross receipts over $50K. The BET rate is 0.75% on the enterprise value tax base (total compensation paid out, including dividends and interest).
The I&D Tax rate is 5% for taxable periods ending before December 31, 2023. That rate is 4% for taxable periods ending on or after December 31, 2023, and 3% for taxable periods ending on or after December 31, 2024. The I&D Tax shall be repealed for taxable periods beginning after December 31, 2024. Who pays it?