Bill Text: NH HB623 | 2015 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Providing property tax relief for taxpayers for the property tax year beginning April 1, 2016.

Sponsorship: Partisan Bill (Republican 2)

Status: (Introduced - Dead) 2015-02-18 - Inexpedient to Legislate: Motion Adopted Voice Vote; House Journal 20, PG. 538 [HB623 Detail]

Download: New_Hampshire-2015-HB623-Introduced.html

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HB 623-FN - AS INTRODUCED

2015 SESSION

15-0317

10/01

HOUSE BILL 623-FN

AN ACT providing property tax relief for taxpayers for the property tax year beginning April 1, 2016.

SPONSORS: Rep. Brewster, Merr 21; Rep. Marple, Merr 24

COMMITTEE: Ways and Means

ANALYSIS

This bill provides property tax relief for the property tax year beginning April 1 2016 by reducing the amount of statewide education property taxes assessed to taxpayers for the year. The source of funds for the property tax reduction is tobacco tax and tobacco settlement funds.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

15-0317

10/01

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Fifteen

AN ACT providing property tax relief for taxpayers for the property tax year beginning April 1, 2016.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Purpose; Property Tax Relief. This act makes a reduction of $140,000,000 for one year in the amount of statewide education taxes assessed to be collected by towns and cities through local property taxes.

2 State Education Tax. Notwithstanding the requirements of RSA 76:3, for the fiscal year beginning July 1, 2015 the tax rate to be assessed on all persons and property taxable pursuant to RSA 76:8, except property subject to tax under RSA 82 and RSA 83-F shall be sufficient to produce $223,000,000. The remaining funds needed to satisfy the amount of the warrant under RSA 76:8 shall be funded from the following:

I. An appropriation of $100,000,000 of tobacco tax revenues under RSA 78 for the fiscal year ending June 30, 2016. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.

II. The crediting of $40,000,000 for the fiscal year ending June 30, 2016 of tobacco settlement funds to the satisfaction of the commissioner’s warrant under RSA 76:8

3 Effective Date. This act shall take effect upon its passage.

LBAO

15-0317

01/26/15

HB 623-FN - FISCAL NOTE

AN ACT providing property tax relief for taxpayers for the property tax year beginning April 1, 2016.

FISCAL IMPACT:

The Office of Legislative Budget Assistant is unable to complete a fiscal note for this bill, as introduced, as it is awaiting information from the Department of Revenue Administration, who was contacted on 01/09/15. When completed, the fiscal note will be forwarded to the House Clerk's Office.