1. (a) A business organization granted an education tax credit under RSA 77-G may use the amount approved against its business profits tax liability for the taxable period during which the corresponding donation was made and up to 5 succeeding taxable periods as provided in (c), below, after receiving a Form ED-03, “Education Tax Credit Scholarship Receipt.”
2. (b) No portion of the education tax credit used against the business enterprise tax shall be considered taxes paid pursuant to RSA 77-E for purposes of the credit against the business profits tax under RSA 77-A:5, X.
3. (c) Any portion of the education tax credit which is not used to offset the business organization’s liability under the business profits tax, the business enterprise tax, or the interest and dividends tax, for the taxable period during which the corresponding donation was made, may be carried forward and allowed against the business profits tax, the business enterprise tax, or both, for no more than 5 succeeding taxable periods, but shall not exceed $1,000,000 in any given taxable period. No portion of the education tax credit shall be carried forward against the interest and dividends tax.
4. (d) Every business organization using an education tax credit against its liability under the business profits tax or the business enterprise tax shall attach a copy of each applicable Form ED-03 to its business tax return, in accordance with Rev 3204.01(c).

Source. #10231, eff 11-21-12; ss by #10758, eff 1-16-15; ss by #12883, eff 9-27-19; ss by #14231, eff 4-3-25, EXPIRES 4-3-35