New Hampshire Governor Signs Corporate Income Tax Law Altering Definition of Gross Business Profits

The New Hampshire Governor July 28 signed a corporate income tax law altering the definition of “gross business profits” in determining additions and deductions allowed under the business profits tax. The law includes measures: 1) providing a deduction equal to the amount disallowed as a deduction under section 163(j) of the Internal Revenue Code (IRC) for tax years commencing on or after Jan. 1, 2024; 2) providing an addition equal to the amount deducted by reason of a carry forward of business interest disallowed under the IRC in tax years commencing after Jan. 1, 2024; and 3) allowing the amount ...