NH HB1668

Updates New Hampshire's Business Profits Tax to adopt the U.S. Internal Revenue Code "as amended" (rolling conformity) for taxable periods beginning on or after January 1, 2027, replacing the current static conformity to the December 31, 2018 version of the code

Caps business expense deductions under Section 179 of the Internal Revenue Code at $500,000 for property placed in service on or after January 1, 2027

Requires the Commissioner of Revenue Administration to file biennial reports with Senate and House finance committees on changes to the Internal Revenue Code, Treasury Regulations, and administrative rulings impacting New Hampshire

Projected to cause an indeterminable decrease in General Fund and Education Trust Fund revenue beginning in FY 2027, with specific impacts varying by provision (research expenses, opportunity zones, and production property deductions decrease revenue; fringe benefits and executive compensation limits increase revenue)