New Hampshire Corporate Business Profits Tax Return

Corporate Business Profits Tax Return
2024 NH-1120 Form
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New Hampshire
Department of
Revenue Administration

2024
NH-1120

Reset Form

*0011202411862*
0011202411862

BUSINESS PROFITS TAX RETURN
Business Organization Name

Taxpayer Identification Number

MMDDYYYY

MMDDYYYY
For the CALENDAR year 2024 or
other taxable period beginning:

and ending:

1 - FEDERAL TAXABLE INCOME/(LOSS)
Enter Amount Reported on:
If 1120, Federal Form 1120, Line 28
If 1120S, DP-120. Line 2 (attach DP-120 to tax return)

ROUND TO THE NEAREST WHOLE DOLLAR

1

2 - INCREASE or DECREASE TO GROSS BUSINESS PROFITS TO RECONCILE WITH IRC
2(a) Add amount of IRC §179 expense taken on Federal Form 4562 in excess of the amount permitted
2(a)
pursuant to RSA 77-A:3-b, IV, including carryover amounts deducted in this taxable period
2(b) Add the amount of bonus depreciation taken on the federal return for assets placed in service this
period pursuant to RSA 77-A:3-b, I
2(b)
2(c) Add any other deductions or exclusions taken on the federal return that need to be eliminated or
adjusted pursuant to RSA 77-A:1, XX and 77-A:3-b, III. Complete and attach Schedule IV
2(c)
2(d) Deduct regular depreciation related to IRC §179 and bonus depreciation not allowed for this taxable
period or for prior taxable periods
2(d)
2(e) Deduct any other items included on the federal return that need to be eliminated or adjusted
pursuant to RSA 77-A:1, XX or RSA 77-A:4, XIX. Complete and attach Schedule IV

2(e)

2(f) Increase or Decrease for the net gain or loss on the sale of assets used in the business which have a
different State basis from the tax basis reported on the federal return
2(f)
2(g) Net Lines 2(a) through 2(f)

2(g)

3

Subtotal Line 1 adjusted by Line 2(g)

3

4

Separate entity items of income or expense (attach schedule)

4

5

Gross Business Profits (combine Line 3 and Line 4)

5

6 - ADDITIONS AND DEDUCTIONS (RSA 77-A:4)
6(a) Deduct interest on direct US Obligations (RSA 77-A:4, II)

6(a)

6(b) Add income taxes or franchise taxes measured by income (attach schedule of taxes by State)
(RSA 77-A:4, VII)

6(b)

6(c) Add federal non-recognized IRC §337 Gain (RSA 77-A:4, VIII)

6(c)

6(d) Deduct wage adjustment required by IRC §280C (RSA 77-A:4, IX)

6(d)

6(e) Add expenses related to federal constitutionally exempt income (RSA 77-A:4, X)

6(e)

6(f) Deduct foreign dividend gross-up (IRC §78) (RSA 77-A:4, XI)

6(f)

6(g) Deduct research contribution (attach computation) (RSA 77-A:4, XII)

6(g)

NH-1120 2024
Version 1 04/2024

Page 1 of 3

New Hampshire
Department of
Revenue Administration

2024
NH-1120

*0011202421862*
0011202421862

BUSINESS PROFITS TAX RETURN
Business Organization Name

Taxpayer Identification Number

MMDDYYYY

MMDDYYYY

For the CALENDAR year 2024 or
other taxable period beginning:

and ending:

NH-1120 (continued)
6(h) Adjustments to gross business profits required due to the increase in the basis of assets resulting from
the sale or exchange of an interest in the business organization (RSA 77-A:4, XIV)

ROUND TO THE NEAREST WHOLE DOLLAR

Add the amount of the increase in the basis of assets federally, due to the sale or
exchange of interest in the business organization.

6(h) - A

Check yes if an election is being made to recognize the basis increase for any sale or exchange reported above.
If not making an election, deduct the basis increase associated with the sale or exchange(s). If
making an election, enter zero. If reporting multiple transactions, please attach a schedule
reporting the details for each transaction.

6(h) - B

Add the amount of depreciation/amortization on the federal return attributable
to an increase in the basis of assets not recognized for NH purposes.

6(h) - C

Upon the sale of assets, adjust the net gain or loss to remove any basis increase recognized
for federal income tax purposes that was not recognized for NH purposes.

6(h) - D

Net Lines 6(h) - A through 6(h) - D

6(h)

6(i) Add Qualified Investment Company (QIC) holders proportional share of QIC profits (RSA 77-A:4, XV)

6(i)

6(j) Deduct assistance payments under 12 USC §1823 (RSA 77-A:4, XVI)

6(j)

6(k) For tax years commencing on or after January 1, 2024:

Add the amount of disallowed business interest expense carryforward deducted federally
under IRC §163(j), and already deducted for NH purposes in prior years under Line 6(k) - A.

6(k) - B

Deduct 1/3 of the total disallowed business interest expense carryforward under IRC
§163(j) as of the tax year ending before January 1, 2024 (RSA 77-A:4, XX).

6(k) - C

Net Lines 6(k) - A through 6(k) - C

6(k)
6(l)

7

Adjusted Gross Business Profits (Sum of Lines 5 and 6(l))

8

New Hampshire Apportionment (If other than 100%, complete Form DP-80 BPT Apportionment Schedule. Enter
percentage from Form DP-80, Line 1(c))
Exempt under P.L. 86-272

9

New Hampshire Business Profits before NOL (Line 7 multiplied by Line 8. If negative, enter zero)

10

Multiple Transactions
(schedule attached)

6(k) - A

Deduct current year business interest expense disallowed under IRC §163(j) (RSA 77-A:4, XX).

6(l) Net Lines 6(a) through 6(k)

Yes

7

8

9

Deduct New Hampshire Net Operating Loss Deduction (NOLD) (attach Form DP-132) (RSA 77-A:4, XIII)
10 - A

NOLD available
Less NOLD used this tax period
NOLD to be carried forward

NH-1120 2024
Version 1 04/2024

10
10 - B

Page 2 of 3

Yes

New Hampshire
Department of
Revenue Administration

2024
NH-1120

*0011202431862*
0011202431862

BUSINESS PROFITS TAX RETURN
Business Organization Name

Taxpayer Identification Number

MMDDYYYY

MMDDYYYY

For the CALENDAR year 2024 or
other taxable period beginning:

and ending:

NH-1120 (continued)
ROUND TO THE NEAREST WHOLE DOLLAR

11

New Hampshire Taxable Business Profits (Line 9 minus Line 10. If negative, enter zero)

11

12

Compute tax (Line 11 multiplied by 7.5%)

12

13

(a) BET Credit only (attach Form BET Credit Worksheet)

13(a)

-OR(b) Other credit including BET (attach Form DP-160)

14

New Hampshire Business Profits Tax Net of Statutory Credits (Line 12 minus Line 13(a) or 13(b),
as applicable, cannot be less than zero) Report on BT-Summary, Line 1(b)

13(b)
14

This return must be accompanied by complete and legible copies of the appropriate federal forms and schedules.

NH-1120 2024
Version 1 04/2024

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