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New Hampshire: New Law Decouples from Business Interest Expense Deduction Under IRC §163(j)
S.B. 189, signed by gov. 7/28/23. Effective January 1, 2024, and applicable for tax years beginning on or after January 1, 2024, new law permits a New Hampshire business profits tax (BPT) taxpayer to fully deduct its business interest expense in the year it is incurred, thereby decoupling from the limitations on the deduction of business interest expense under Internal Revenue Code section 163(j). The new law also permits any disallowed business interest as of the tax year ending before January 1, 2024, to be deducted equally over three consecutive years beginning with the first tax year commencing on or after January 1, 2024. Please contact us with any questions.
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