HB 1472-FN-A - AS INTRODUCED
2000 SESSION
HOUSE BILL 1472-FN-A
AN ACT allowing the deduction of trust expenses from trust income taxable under the interest and dividends tax.
SPONSORS: Rep. Weyler, Rock 18
This bill allows the beneficiary of a trust to deduct trust expenses from income received from the trust which is taxable under the interest and dividends tax.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
00-2102
09/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand
AN ACT allowing the deduction of trust expenses from trust income taxable under the interest and dividends tax.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Interest and Dividends Tax; Trust Expenses Deductible. Amend RSA 77 by inserting after section 4-f the following new section:
77:4-g Trust Expenses Not Taxable. The beneficiary of a trust who receives income subject to the tax under this chapter may deduct from such income any expenses incurred by the trust during the taxable year.
2 Effective Date. This act shall take effect January 1, 2001.
LBAO
00-2102
12/15/99
HB 1472-FN-A - FISCAL NOTE
AN ACT allowing the deduction of trust expenses from trust income taxable under the interest and dividends tax.
FISCAL IMPACT:
The Department of Revenue Administration indicates that this bill will decrease state revenue by an indeterminate amount in FY 2001 and each year thereafter. There is no fiscal impact on state, county, and local expenditures or county and local revenue.
METHODOLOGY:
The Department states that this bill will result in granting a deduction to a targeted group; New Hampshire beneficiaries of trusts administered by non-resident trustees. The Department is not able to determine the decrease in state revenue that will result from the deductions permitted in this bill.