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New Hampshire enacts legislation updating IRC conformity, repealing phantom tax on sale of business

New Hampshire enacted two laws that change important elements of the New Hampshire business profits tax. The first law updates the Internal Revenue Code (IRC) conformity date and increases the IRC Section 179 depreciation expense deduction limitation. The second law repeals the phantom tax imposed on the sale or exchange of interests or beneficial interests in a business organization. Furthermore, the New Hampshire Department of Revenue Administration recently issued guidance on the implementation of the phantom tax legislation.

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