2023 New Hampshire Revised Statutes › Title V - Taxation › Chapter 77-A - Business Profits Tax › Section 77-A:5-c - Election and Reporting for Qualified Regenerative Manufacturing Companies.

77-A:5-c Election and Reporting for Qualified Regenerative Manufacturing Companies. –
I. Business organizations shall file an election with the commissioner to be a qualified regenerative manufacturing company with respect to any taxable period on a form prescribed by the commissioner at any time on or before the fifteenth day of the third month immediately following the end of such taxable period. Such an election shall be effective for the taxable period of the qualified regenerative manufacturing company for which it is made and for all succeeding taxable periods until such election is terminated as provided in this section.
II. The election to be a qualified regenerative manufacturing company shall expire for taxable periods beginning after December 31, 2027. No subsequent election may be made after the expiration of an election, with respect to either the business organization or the active regenerative manufacturing business conducted by such business organization or any successor business organization.
III. Every business organization electing treatment as a qualified regenerative manufacturing company shall, with respect to each taxable period, file a report, in accordance with such rules or forms as the commissioner may prescribe, setting forth the following:
(a) The names, addresses, and federal taxpayer identification numbers of the holders of any equity interests in such qualified regenerative manufacturing company.
(b) The name, address, and federal taxpayer identification number of the manager of such qualified regenerative manufacturing company.
(c) The amount of the income received and expenses incurred by the qualified regenerative manufacturing company for the tax period.
(d) Notwithstanding any other provision of this section, a qualified regenerative manufacturing company shall be deemed to have satisfied the reporting requirements of this section if it files with the commissioner a copy of its federal income tax return, as filed with the Internal Revenue Service.
IV. Such report or copy of the federal income tax return shall be filed at any time on or before 30 days following the filing of the federal income tax return with the Internal Revenue Service. Any qualified regenerative manufacturing company which fails to timely file the report as required by this section shall pay a penalty equal to $100 for each day such report is not filed, unless an extension has been granted by the commissioner. In no event shall the monetary fine imposed by this paragraph exceed $5,000. A qualified regenerative manufacturing company notified by the department that such report is overdue by more than 50 days shall have 30 days from the date of such notification to file the delinquent report.
V. The qualified regenerative manufacturing company shall be subject to the provisions of RSA 77-A:11 and RSA 77-E:10. The commissioner is authorized to audit and enforce such provisions with any of the powers granted under this chapter and RSA 77-E.
VI. The election provided for in paragraph I may be terminated as follows:
(a) By revoking said election by consent of the majority of the members, partners, or shareholders of the qualified regenerative manufacturing company, or by determination of the manager of the qualified regenerative manufacturing company. Such revocation must be filed with the department on or before the fifteenth day of the third month of the taxable period to be effective for such period. Any revocation filed after the fifteenth day of the third month of the taxable period shall be effective for the following tax period; or
(b) Whenever the company ceases to satisfy the requirements for qualification as a qualified regenerative manufacturing company as provided in RSA 77-A:1, XXX.
VII. Notwithstanding any provision of law to the contrary, the Advanced Regenerative Manufacturing Institute, Inc., a New Hampshire non-profit formed to advance the regenerative manufacturing industry and as of the effective date of this paragraph is operated out of Manchester, New Hampshire, is deemed a "qualified regenerative manufacturing company" as that term is defined in RSA 77-A:1, XXX, provided that it complies with the requirements of RSA 77-A:5-c, III.
Source.
2018, 157:6, eff. July 29, 2018.