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Author Topic: New Hampshire Taxes  (Read 8197 times)

rodschmidt

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New Hampshire Taxes
« on: October 19, 2003, 05:46:10 am »

RSA 1 77-B:2 Tax Imposed.

I. ON RESIDENTS, INCOME EARNED OUTSIDE NEW HAMPSHIRE. A tax is hereby imposed upon every resident of the state, which shall be levied, collected and paid annually at the rate of 4 percent of their income which is derived outside the state of New Hampshire as defined in RSA 77-B:1 ''New Hampshire taxable income;'' provided, however, that if such income shall be subject to a tax in the state in which it is derived, such tax shall constitute full satisfaction of the tax hereby imposed; and provided further, that if such income is exempt from taxation because of statutory or constitutional provisions in the state in which it is derived, or because the state in which it is derived does not impose an income tax on such income, it shall be exempt from taxation under this paragraph.
« Last Edit: March 13, 2004, 08:57:24 pm by Elizabeth »
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Karl

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Re:New Hampshire Income Tax
« Reply #1 on: October 19, 2003, 06:56:27 am »

This doesn't appear to create any tax liability at all.  What is its purpose?  Maybe as a legal tool to prevent New Hampshire from becoming an illicit tax shelter?
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Tracy Saboe

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Re:New Hampshire Income Tax
« Reply #2 on: October 21, 2003, 02:26:20 am »

Maybe we shouldget rid of it anyway so it NH CAN be used as a tax shelter.

I think it means if you live in NH and work in a different state, but don't pay income tax in that state where you work, then you're charged income tax.

It sounds to me like a sort of interstate tarrif or something.

Tracy
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JonM

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Re:New Hampshire Income Tax
« Reply #3 on: October 21, 2003, 09:17:23 am »

I'd like to know the history of how and why this was enacted.  The laws date back to 1970.  Any old timers from NH recall what happened to bring this about?
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jgmaynard

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Re:New Hampshire Income Tax
« Reply #4 on: October 23, 2003, 11:47:55 pm »

That's weird.... If you pay income tax in another state, you are exempt from the tax, and if that state doesn't have income tax, you are exempt from the tax. First I've heard of it.... :)

JM
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mark

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Re:New Hampshire Income Tax
« Reply #5 on: October 24, 2003, 06:08:37 am »

That's weird.... If you pay income tax in another state, you are exempt from the tax, and if that state doesn't have income tax, you are exempt from the tax. First I've heard of it.... :)

JM


LOL! That's how I'm reading it as well.  ::)
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mark

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NH Taxes
« Reply #6 on: November 10, 2003, 06:45:13 pm »

http://www.taxfoundation.org/individualincometaxrates.html


Useful for making comparisons.


Note that NH has a 8% business tax that only applies to the CORPORATE income over $50,000. Lemonade stand GROSSED $49,999? Under $50K you don't have to even report the income. Did it NET $50,001? Then you only report and pay 80 cents in tax. You pay none if you "pass-through" all profits as personal (not business) income.
« Last Edit: March 13, 2004, 08:54:55 pm by Elizabeth »
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mark

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Re:State Individual Income Tax Rates
« Reply #7 on: November 10, 2003, 06:47:08 pm »

Local New Hampshire business and tax lawyer please advertise in this thread.  ;D
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Tracy Saboe

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Re:State Individual Income Tax Rates
« Reply #8 on: November 10, 2003, 07:46:22 pm »

Did it NET $50,001? Then you only report and pay 80 cents in tax.

Make that 8 cents. 8% on $1 is 8 cents.

State corporate taxes are nothing compaired to Federal Corporate Taxes. I hope that after we get a couple U.S. Senators we can do away with that. Or practice some state nulification.

Tracy Saboe
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mark

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Re:State Individual Income Tax Rates
« Reply #9 on: November 10, 2003, 09:22:06 pm »

Did it NET $50,001? Then you only report and pay 80 cents in tax.

Make that 8 cents.

Don't mock me Tracy! LOL.
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Ogre11

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NH Tax Laws
« Reply #10 on: November 11, 2003, 06:45:39 pm »

I've looked about the forums and other places, but I can't seem to figure out where the property tax rate comes from in NH.  Here in NC, the tax rates are set by local, elected officials at very public meetings.  However, I just read an article in the Union Leader -- the third article I've read of this type -- and it says, "The state Department of Revenue Administration set this year’s rate at $26.40 per $1,000 of valuation, Porter said. Last year’s rate was $25.68."

So does this mean the amount of taxes that you are required to pay is set by an unelected bureaucrat?  How does this work, does anyone know?
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Tracy Saboe

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Re:NH Tax Laws
« Reply #11 on: November 11, 2003, 07:19:22 pm »

From my understanding the majority of property tax is on the local level. a very very very small is from the county (like .02% or something) and then some comes from the state.

I think smaller towns typically have lower property tax rates. But I don't know.

Maynard?

Tracy
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We agree that "Government is not reason; it is not eloquent; it is force. Like fire, it is a dangerous servant and a fearful master. Never for a moment should it be left to irresponsible action." --George Washington

Jack Conway

Conway Supports Obamacare
Conway Supports Cap and Trade
Conway Supports Abortion
Conway’s Utilities Rate Hike Scandal
Conway is in Bed with Big Pharma
Conway is Backed by Wall Street Bankers

Garthnak

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Re:NH Tax Laws
« Reply #12 on: November 11, 2003, 07:48:39 pm »

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FreeBoB

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Re:NH Tax Laws
« Reply #13 on: November 11, 2003, 11:24:08 pm »

WARNING - TAXES AHEAD, SIT DOWN TO READ

You all better read the details in the NH tax code in that link above  http://www.state.nh.us/revenue/gti-rev.htm

* 8.5% tax on business income! Own a business in NH? Look out
* 5% tax on dividends and interest
* 7% two-way communications tax (cellphones?)
* 8% tax on restaurant food, car rentals and rooms
* $.00055 per kilowatt hour of electricity consumed tax

Even more taxes are listed...read up. There's much to do.

« Last Edit: November 11, 2003, 11:25:29 pm by Brian Sullivan »
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FreeBoB

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Re:State Individual Income Tax Rates
« Reply #14 on: November 11, 2003, 11:46:02 pm »

No income tax in NH?

Imagine that you work really hard all your life and manage to save enough to provide yourself with an annual dividend income of $60,000.  You'd need around a million to do it.  NH then taxes that income at a 5% rate after your first $2,400.  A tax on your income!
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