The proposed bill, known as "The Save Small Businesses Act," aims to establish tax credits for qualifying small businesses to alleviate documented tariff-related costs. It introduces a new section to RSA 77-A, titled "Tariff Relief Business Tax Credit," which allows qualifying small businesses—defined as manufacturing businesses with fewer than 50 employees or non-manufacturing businesses with average annual gross receipts not exceeding $500,000—to claim a non-refundable tax credit equal to 25% of their documented tariff-related costs incurred during the taxable year, capped at $7,500 per business. Additionally, the total amount of credits approved under this section is limited to $8,000,000 per state fiscal year, with provisions for unused credits to be carried forward for up to three consecutive taxable years. The bill also mandates that businesses submit applications by March 31 following the taxable year and allows the Department of Revenue Administration to audit claims and recapture improperly claimed credits.

Furthermore, the bill introduces a similar tax credit under a new section to RSA 77-E, titled "Tariff Relief Enterprise Tax Credit," with the same definitions and credit structure as outlined in the business tax credit section. The act will apply to tax periods beginning on or after January 1, 2027, and includes a repeal of the newly established sections by June 30, 2032. The fiscal impact is projected to decrease revenue for the General Fund and Education Trust Fund by an indeterminable amount starting in FY 2028, due to the unpredictability of federal tariffs and their associated costs. The Department of Revenue Administration is expected to manage the implementation costs within its existing budget.