The "Lift Our Communities Advertise Locally Act" introduces a temporary local newspaper advertisement tax credit program designed to support small businesses and local media outlets. The bill amends existing tax laws by inserting provisions into RSA 77-A and RSA 77-E, allowing eligible businesses to claim a tax credit equal to 80% of their qualified local media advertising expenses, capped at $3,000 per business, with a total annual limit of $5 million in tax credits available. If the credit exceeds the taxpayer's liability, the excess will be treated as an overpayment eligible for credit or refund, although no interest will be paid on such overpayments. The bill also establishes a new chapter, RSA 77-H, defining key terms and outlining the application process for businesses seeking the tax credit.

Furthermore, the bill proposes the repeal of certain existing laws related to the local advertisement tax credit, specifically RSA 77-A:5, XVIII, RSA 77-E:15, and RSA 77-H, effective January 1, 2030. The act will apply to tax years beginning on or after January 1, 2027, with the remainder of the act taking effect on July 1, 2026. The fiscal impact of the bill is indeterminable, with potential revenue decreases for the General Fund and Education Trust Fund starting in FY 2028, alongside increased administrative costs for the Department of Revenue Administration to manage the new program.

Statutes affected:
Introduced: 77-A:5
HB1420 text: 77-A:5