The New Hampshire Legislature has been busy this year. As of September 2021, here are the highlights of changes coming our way.
Business Taxes
BPT Minimum required to file is increasing in 2022 to $92,000 from $50,000. If you sell less than $92,000 in goods and services in 2022, you do not need to file a Business Profits Tax (BPT) return.
BET minimum required to file is increasing in 2022. If sales are less than $250,000 and the enterprise value is less than $250,000, you are not required to file a Business Enterprise Tax (BET) return.
BET and BPT rate drops. BET rate drops from 0.6% to 0.55% in 2022. BPT rate drops from 7.7% to 7.6% in 2022.
BET Credit for FMLI. A BET Credit exits for 50% of premiums paid by a sponsoring employer for family leave insurance.
Meals and Rentals Tax (M&R)
Rate reducing from 9% to 8.5%. Effective October 1, 2021 the rate is reduced to 8.5%. Check your receipt next time you go out to eat!
Interest and Dividends Tax
Phasing out the tax ENTIRELY. Currently All New Hampshire residents and fiduciaries whose gross interest and dividends income, from all sources, exceeds $2,400 annually ($4800 for joint filers) pay a 5% tax. Here is how the phase out works:
Currently- 5% tax
2023- 4% tax
2024- 3% tax
2025- 2% tax
2026- 1% tax
2027- 0% tax.
As always these long range phase outs may be subject to change based on political parties winning and losing subsequent elections.
This summary is for informational purposes only and is intended to provide a summary or synopsis of enacted legislation. It is not intended to be relied upon as a full and complete text or as a substitute for the actual state law. Please refer to the applicable statutes and rules to determine how this information applies to specific persons or situations. If you need help please reach out to me at (603) 420-9303 or send an email to info@thriveacct.com.
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