Business Tax Form - General Instructions For Filing Business Taxes

FORM

NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION

NH-1120

CORPORATION BUSINESS PROFITS TAX RETURN

Instructions

LINE-BY-LINE INSTRUCTIONS (continued)

STEP 3

Line 3

ADJUSTED GROSS BUSINESS PROFITS

(contin-

Enter the total of Line 1(c) adjusted by Line 2(j). Show negative amounts in parenthesis, e.g. ($50).

u e d )

Line 4

NEW HAMPSHIRE APPORTIONMENT

Corporations which have business activity both inside and outside New Hampshire AND which are subject to income

taxes or a franchise tax measured by net income in another state, or is subject to the jurisdiction of another state to

impose a net income tax or capital stock tax upon it, whether or not actually imposed by the other state, must apportion

their gross business profits to New Hampshire by using Form DP-80, Apportionment of Income. After completing the Form

DP-80, enter the apportionment percentage on Line 4 of your Form NH-1120. Show to six decimal places. All others

enter 1.00 on Line 4.

Line 5

Enter the product of Line 3 multiplied by Line 4. If negative, enter zero.

Line 6

Enter the product of Line 5 multiplied by 8.5%.

Line 7

CREDITS

STEP 4

Enter the amount of credits allowed under RSA 77-A:5 as shown on Form DP-160. Form DP-160, Schedule of

Figure

Business Profits Tax Credits, must be filed with the return to support all credits claimed on Line 7. Do not

Your

include the Business Enterprise Tax Credit on this line.

Credits

Line 8

Enter the amount of Line 6 minus Line 7.

Line 9

Business Enterprise Tax paid shall be applied as a credit against Business Profits Tax. Any unused portion of the credit

may be carried forward and allowed against Business Profits Tax due for up to five taxable periods from the period in

which the Business Enterprise Tax was paid. To calculate the Business Enterprise Tax credit to be applied against this

years Business Profits Tax, complete the following worksheet.

BET CREDIT WORKSHEET

Taxable period ended

Taxable period ended Taxable period ended

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 9 of

NH-1120

Current Period BPT

liability from Form

NH-1120, Line 8

BET Credit Deduction

this period

(the lesser of

Enter on

Line D or Line E)

Line 10 of NH-1120

Credit Carryforward

Amount

(Line D minus Line F)

Carry this amount forward and

indicate on Line A in

subsequent period.

*Note: The Line A amount in the first column is from Line G, the credit 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 period in which the tax was

paid. Any unused credit prior to the 5 most current tax periods expiring in this taxable period is unavailable and should be included in Line C.

Line 10

STEP 4

Enter the lesser amount of Line 8 or Line 9. If Line 9 is greater than Line 8, then a Business Enterprise Tax Credit

Figure

carryforward exists. Any unused portion of the current tax periods credit may be carried forward and credited against

Your

any Business Profits Tax due in a subsequent taxable period following the taxable period of the BET liability.

Credits

Line 11

Enter the amount of Line 8 minus Line 10.

Enter the amount from Line 11 on Line 1(b) of the BT-Summary.

NH-1120

Instructions

Rev. 7/8/04

Business Tax Form - General Instructions For Filing Business Taxes - 2003 Page 4

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