Bar News - February 18, 2015
Tax Law: New BET Thresholds in NH
By: Nicole Jacobson
When do businesses have to file business tax returns in New Hampshire?
Virtually all for-profit and nonprofit organizations carrying on business activity in New Hampshire – even entities which are considered “disregarded” at the federal level – must file a business enterprise tax (BET) return or a business profits tax (BPT) return when certain filing thresholds are met. Any BET paid will be a credit against BPT liability.
For 2015, a company must file a BET return if:
- Its total gross receipts are in excess of $207,000 (up from $200,000 in 2014); or
- Its enterprise value tax base (the sum of dividends, compensation, and interest) is greater than $103,000 (up from 100,000 in 2014).
A BPT return must be filed if the company is carrying on activity in New Hampshire and the gross business income from everywhere is in excess of $50,000 (unchanged from 2014).
Nicole Bodoh Jacobson is an attorney in Primmer’s Manchester office. She focuses her practice in the areas of corporate and tax law.