Taxation

NHDRA Issues Two Releases on Interest and Dividends Tax

July 2010

By Dodd S. Griffith*

The New Hampshire Department of Revenue Administration released in late June two technical information releases related to the Interest and Dividends Tax.

Constitutional Challenge to Extension of Interest and Dividends Tax to Distributions from Limited Liability Companies: In TIR 2010-007, the NHDRA describes the procedures that taxpayers can use to file a claim for a refund of interest and dividends taxes paid on limited liability company distributions. Refund claims must be filed by no later than August 13, 2010.

Repeal of Law Extending Interest and Dividends Tax to Distributions from Limited Liability Companies: In TIR 2010-006, the NHDRA highlights the repeal of the law extending the interest and dividends tax to distributions from limited liability companies; re-affirms the application of the interest and dividends tax to limited liability companies at the entity level (as was the case under prior law); and makes clear that the repeal was not retroactive to 2009.

For more information on NH tax law, please contact Dodd Griffith at 603-545-3610.

* Dodd Griffith is admitted in New Hampshire.

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