How does New Hampshire treat the federal Special Depreciation Business Expense?
The New Hampshire Legislature has not changed the current business tax law to conform with the federal tax law changes. The Internal Revenue Code (IRC) reference remains the Code in effect on December 31, 2000. Therefore, if these changes are used on your federal filing, business taxpayers must recalculate their New Hampshire gross business profits. Since, under current New Hampshire law, the special depreciation bonus expense and the additional IRC Section 179 expense is not allowable, business taxpayers will have to adjust the taxable income reported on their federal return before reporting their gross business profits on their New Hampshire business tax return. Schedule R, available on our Forms Page, is available for this purpose.
Related Questions
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- How does New Hampshire treat the federal Special Depreciation Business Expense?
