Looking for a Nh Tax Forms And Templates? Download it for free!

NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION

FORM

NH-1041

FIDUCIARY BUSINESS PROFITS TAX RETURN

LINE-BY-LINE INSTRUCTIONS (continued)

Instructions

LINE 13

LINE 8: ADJUSTED GROSS BUSINESS PROFITS

Enter the amount of Line 11 minus Line 12.

Enter the total of Line 6 as adjusted by Line 7(g). If negative, show in

parenthesis, e.g. ($50).

LINE 14: BUSINESS ENTERPRISE TAX CREDIT

LINE 9: NEW HAMPSHIRE APPORTIONMENT

Business Enterprise Tax paid shall be applied as a credit against Business

Proﬁ ts Tax. Any unused portion of the credit may be carried forward and

Fiduciaries which have business activity both inside and outside New

allowed against Business Proﬁ ts Tax due for up to 5 taxable periods from

Hampshire AND which are subject to income taxes or a franchise tax

the period in which the Business Enterprise Tax was paid. To calculate the

measured by net income in another state, or are subject to the jurisdiction

BET credit to be applied against this year's BPT, complete the following

of another state to impose a net income tax or capital stock tax, whether

worksheet.

or not actually imposed by the other state, must apportion gross business

proﬁ ts to New Hampshire by using Form DP-80, Apportionment of Income.

LINE 15

Form DP-80 may be obtained by accessing our web site at

Enter the lesser amount of Line 13 or Line 14. If Line 14 is greater than

revenue or calling (603) 271-2192. After completing Form DP-80, enter

Line 13, then a Business Enterprise Tax Credit carryforward exists. Any

the apportionment on line 9 of your Form NH-1041. Show to six decimal

unused portion of the current period's Business Enterprise Tax Credit may

places.

be carried forward and credited against any Business Proﬁ ts Tax due in a

subsequent taxable period within the 5 taxable period limitation.

All others enter 1.00 on Line 9.

LINE 16

LINE 10

Enter the amount of Line 13 minus Line 15. IF NEGATIVE, ENTER

ZERO.

Enter the product of Line 8 multiplied by Line 9. If negative, enter zero.

ENTER THE AMOUNT FROM LINE 16 ON LINE 1(b) OF THE BT-

LINE 11

SUMMARY.

Enter the product of Line 10 multiplied by 8.5%.

STEP 3: FIGURE YOUR CREDITS

LINE 12: CREDITS

Enter the amount of credits allowed under RSA 77-A:5, as shown on Form

DP-160. Form DP-160, Schedule of Business Proﬁ ts Tax Credits,

must be ﬁ led with the return to support all credits claimed on Line

12. DO NOT INCLUDE THE BET CREDIT ON THIS LINE.

BET CREDIT WORKSHEET

Taxable period ended

BET Credit

Carryforward Amount

See note below

B Current period BET

liability from Form

BET, Line 5

Expiring BET Credit

(

)

(

)

(

)

(

)

(

)

Carryforward

See note below

BET Credit available

(Sum of Lines A, B and C)

Enter on Line 14 of

NH-1041

Current period BPT

liability From NH-1041,

Line 13

BET Credit Deduction

this period

(the lesser of

Enter on

Line D or Line E)

Line 15 of NH-1041

Credit Carryforward

Amount

(Line D minus

Line F)

IF NEGATIVE, ENTER

ZERO.

Carry this amount

forward and indicate on Line A

in subsequent period.

*Note: The Line A amount in the ﬁ rst column is from Line G, the carryforward amount, of the previous year’s BET CREDIT WORKSHEET. If this

is your initial year of the BET, enter zero.

**Note: The BET credit may be carried forward and allowed against BPT taxes due for 5 taxable periods from the taxable period in which the tax

was paid. Any unused credit prior to the 5 most current tax periods should be included in Line C.

NH-1041

Instructions

page

Rev. 09/2008

Form Changes - Summary Of Changes & Common Problem Areas/general Instructions For Filing Business Taxes/etc. Page 5

Related Articles

Related forms

Related Categories