Form Business Tax - General Instructions For Filing Business Tax Returns - 2001, Form Nh-1120 - Corporation Business Profits Tax Return - 2002,etc Page 4
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NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION
CORPORATION BUSINESS PROFITS TAX RETURN
NH-1120
Instructions
LINE-BY-LINE INSTRUCTIONS (continued)
STEP 3
Line 3
ADJUSTED GROSS BUSINESS PROFITS
(continued)
Enter the total of Line 1(c) adjusted by Line 2(l). Show negative amounts in parenthesis, e.g. ($50).
Line 4
NEW HAMPSHIRE APPORTIONMENT
Corporations which have business activity both within and without this state AND which are subject to income taxes or a franchise tax
measured by net income in another state, 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 Business
Figure Your
Profits Tax Credits, must be filed with the return to support all credits claimed on Line 7. Do not include the
Credits
Business Enterprise Tax Credit on this line.
Line 8
Enter the amount of Line 6 less Line 7.
Line 9
To calculate the Business Enterprise Tax credit to be applied against this years Business Profits Tax, complete the following
worksheet.
BUSINESS ENTERPRISE TAX CREDIT WORKSHEET
Taxable period ended
Taxable period ended
Taxable period ended
Taxable period ended Taxable period ended
A
BET Credit Carryforward
!
!
!
!
Amount *See note below
B Current period BET Liability
From BET, Line 5
C
Expired BET Credit
Carryforward **
See note below.
BET Credit available
D
(Line A plus B less C)
Enter on Line 9 of NH-1120
Current period BPT liability
E
From NH-1120, Line 8
BET Credit deduction this
F
period
(the lesser of Line D or Line E)
Enter on Line 10 of NH-1120
Credit Carryforward Amount
G
(Line E 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 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 (five) 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.
STEP 4
Line 10
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 Your
carryforward exists. Any unused portion of the current year’s credit may be carried forward and credited against any
Credits
Business Profits Tax due for the next 5 taxable periods following the taxable period of the BET liability.
Line 11
Enter the amount of Line 8 less Line 10. IF NEGATIVE, ENTER ZERO.
ENTER THE AMOUNT FROM LINE 11 ON LINE 1(b) OF THE BT-SUMMARY FORM.
NH-1120
Instructions
Rev. 12/01
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