2015 New Hampshire Revised Statutes
Title V - TAXATION
Chapter 77-A - BUSINESS PROFITS TAX
Section 77-A:4-c - Committee to Study Safe Harbors and Taxation of Investment Organizations.

    77-A:4-c Committee to Study Safe Harbors and Taxation of Investment Organizations. –
    I. There is established a committee to study the record-keeping safe harbors for the compensation deduction and taxation of investment organizations. The committee shall consist of the following individuals:
       (a) Three members from the house of representatives, 2 of whom shall be members of the ways and means committee, appointed by the speaker of the house of representatives.
       (b) Two members of the senate, appointed by the president of the senate.
    II. The committee shall:
       (a) Study whether the burden of proof for safe harbors should be revised.
       (b) Consider the provision of additional safe harbors based on the percentage of the gross selling price on the sale of business assets other than inventory, or the percentage of gross revenues, or the percentage of gross business profits using the independent investor return test, or any other issue related to the reasonable compensation deduction.
       (c) Study the taxation of distributions received from investment organizations under the Interest and Dividends Tax.
       (d) Consider any other issue which the committee deems relevant to the study of safe harbors and taxation of investment organizations.
    III. The committee may solicit testimony from any individual or organization with information or expertise which the committee deems relevant to its objective.
    IV. Three members of the committee shall constitute a quorum. The committee shall select a chairperson from among its members. Members of the committee shall receive mileage at the legislative rate when attending to the duties of the committee.
    V. No later than November 1, 2011 and annually thereafter, the committee shall submit a report of its findings and any recommendations for legislation, to the speaker of the house of representatives, the president of the senate, and the chairpersons of the house and senate standing committees with jurisdiction over business taxation.

Source. 2010, 324:4, eff. July 20, 2010.