What is the Business Profits Tax in New Hampshire?

The Business Profits Tax in New Hampshire is a tax imposed on the net income of businesses operating in the state. It applies to corporations and limited liability companies (LLCs) that meet certain thresholds. The tax rate is currently 7.7% for corporations and single-member LLCs, while multi-member LLCs are taxed at the individual income tax rate. The tax is levied on both resident and non-resident businesses that have nexus with New Hampshire, regardless of where the income is earned. Businesses are required to file an annual Business Profits Tax return, reporting their income and allowable deductions. The tax revenue generated helps fund essential state services and infrastructure. For more detailed information and to stay up-to-date with any changes, businesses should consult the New Hampshire Department of Revenue Administration website or contact their office directly.