Interest and Dividends (I&D) Tax for Entities – 2010 Special Session House Bill 1
As a limited liability company (or partnership or association) with non-transferable shares, how does the passage of Special Session House Bill 1 affect me?
Under Special Session House Bill 1, limited liability companies with non-transferable shares (also partnerships and associations with non-transferable shares) that receive income from interest and dividends during taxable periods ending on or after December 31, 2010, are required to report and pay I&D Tax. To further illustrate the effective date of the repeal in Special Session House Bill 1, we provide two examples:
As a limited liability company subject to I&D Tax for taxable period ending December 31, 2010, will I be charged underpayment of estimate penalties for I&D Tax even though I was not subject to the I&D Tax during the last taxable period?
No, since you were not required to file a tax return for income received from interest and dividends last tax period; this would be considered your first tax period.
New Hampshire Department of Revenue Administration
Governor Hugh Gallen State Office Park
109 Pleasant Street (Medical & Surgical Building), Concord NH
(603) 230-5000 |
TDD Access Relay NH: 1-800-735-2964 |
fax: (603) 230-5945
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