NH HB1599

Removes the current 10-year limitation on carrying forward net operating loss deductions (NOLDs) for Business Profits Tax purposes, allowing businesses to carry losses forward indefinitely

Aligns New Hampshire's net operating loss treatment with federal provisions under Section 172 of the Internal Revenue Code

Approximately $4.2 billion in NOLDs from tax year 2012 expired in 2022 under current rules, representing potential tax offsets of up to $316.2 million at the 7.5% rate

Expected to cause an indeterminable decrease in General Fund and Education Trust Fund revenues beginning in FY 2027

Takes effect 60 days after passage