Bill Text: NH SB247 | 2019 | Regular Session | Introduced
Bill Title: Establishing a sunny day fund and grant program.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced - Dead) 2019-12-18 - To Be Inexpedient to Legislate, Senate Rule 3-23, Adjournment 09/25/2019; [SB247 Detail]
Download: New_Hampshire-2019-SB247-Introduced.html
SB 247-FN-A - AS INTRODUCED
2019 SESSION
19-0908
04/05
SENATE BILL 247-FN-A
AN ACT establishing a sunny day fund in the department of business and economic affairs.
SPONSORS: Sen. Dietsch, Dist 9; Sen. Morgan, Dist 23; Sen. Levesque, Dist 12; Sen. Fuller Clark, Dist 21; Sen. Kahn, Dist 10; Sen. Feltes, Dist 15; Rep. Leishman, Hills. 24
COMMITTEE: Education and Workforce Development
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ANALYSIS
This bill establishes the sunny day fund in the department of business and economic affairs to engage in certain investment projects. Revenue in excess of the revenue stabilization reserve account cap shall be credited to the sunny day fund.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
19-0908
04/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nineteen
AN ACT establishing a sunny day fund in the department of business and economic affairs.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Subparagraph; Application of Receipts; Sunny Day Fund. Amend RSA 6:12, I(b) by inserting after subparagraph (343) the following new subparagraph:
(344) Moneys credited to the sunny day fund established in RSA 12-O:21-a.
2 Revenue Stabilization Reserve Account; Transfers to the Sunny Day Fund. Amend RSA 9:13-e, V to read as follows:
V. If, after the requirements of paragraphs II-IV have been met and the balance remaining in the revenue stabilization reserve account is in excess of an amount equal to 10 percent of the actual general fund unrestricted revenues for the most recently completed fiscal year, then such excess, less any amounts deposited pursuant to RSA 7:6-e, shall be transferred, without further action, to the [general fund surplus account] sunny day fund established in RSA 12-O:21-a.
3 New Section; Department of Business and Economic Affairs; Sunny Day Fund. Amend RSA 12-O by inserting after section 21 the following new section:
12-O:21-a Sunny Day Fund Established.
I. There is hereby established in the office of the state treasurer a nonlapsing fund to be known as the sunny day fund which shall be kept distinct and separate from all other funds. The commissioner shall administer the fund. All surplus funds as provided in RSA 9:13-e, V shall be credited to the fund, provided that the balance in the sunny day fund shall not exceed $15,000,000. Any excess funds shall be transferred, without further action, to the general fund surplus account. All moneys in the fund shall be continually appropriated to the commissioner for the purpose of obtaining and disbursing grants for research and development, including any preliminary funding necessary to obtain grant funding, and for the infrastructure necessary for research and development. Grants may be from federal, private, or other sources.
II. The New Hampshire Established Program to Stimulate Competitive Research (NH EPSCoR), research and industry collaborative administered by the university of New Hampshire, shall administer the grant application and approval process in consultation with the commissioner of the department of business and economic affairs, manage the annual investment portfolio, and evaluate investment performance. NH EPSCoR shall assign preference to grant applications that:
(a) Qualify for available matching funds from federal, private, or other sources;
(b) Increase New Hampshire's competitiveness through innovation;
(c) Attract talent to New Hampshire;
(d) Target areas of strategic priority as determined by NH EPSCoR and the department of business and economic affairs; and
(e) Target existing industrial-cluster strength, potential growth, and research capacity.
III. Administrative costs shall not exceed 8 percent of NH EPSCoR's annual budget for fund disbursement.
4 Effective Date. This act shall take effect July 1, 2019.
19-0908
1/23/19
SB 247-FN-A- FISCAL NOTE
AS INTRODUCED
AN ACT establishing a sunny day fund in the department of business and economic affairs.
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
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| Estimated Increase / (Decrease) | |||
STATE: | FY 2020 | FY 2021 | FY 2022 | FY 2023 |
Appropriation | $0 | $0 | $0 | $0 |
Revenue | $0 | $0 | $0 | $0 |
Expenditures | Potential Increase of $15,000,000 | Indeterminable | Potential Increase of $15,000,000 | Indeterminable |
Funding Source: | [ X ] General [ ] Education [ ] Highway [ ] Other | |||
METHODOLOGY:
This bill establishes a Sunny Day Fund in the Department of Business and Economic Affairs DBEA). Funds in excess of the statutory limit of the Revenue Stabilization Reserve Account (Rainy Day Fund) shall be transferred to this fund rather than to the general fund surplus account. The fund shall be nonlapsing and shall not exceed $15,000,000, with any excess funds transferred to the general fund surplus account. Sunny Day funds shall be continually appropriated to the DBEA for obtaining and disbursing grants for research and development, including any preliminary funding necessary to obtain grant funding, and for the infrastructure necessary for research and development. Grants may be from federal, private, or other sources, and will be allocated to projects promoting matching grants, increasing the State’s competitiveness and innovation, attracting talent and targeting areas of defined strategic priority, potential growth and research capacity. The New Hampshire Established Program to Stimulate Competitive Research (NHEPSCoR), a research and industry collaborative administered by the University of New Hampshire, shall administer the grant application and approval process in consultation with the Commissioner of the DBEA, manage the annual investment portfolio and evaluate investment performance. Administrative costs shall not exceed 8 percent of NHEPSCoR’s annual budget for fund disbursement.
The DBEA states the Sunny Day Fund projects will meet defined criteria for addressing issues of importance to the State. The agency is unable to determine the amount of grant applications that may be received or a cap on grant funds for any given approved project. DBEA anticipates the need for at least one unspecified position to administer the fund.
The University System of New Hampshire states there is no anticipated fiscal impact. The bill provides for funds to be appropriated to pay for related program administration. If there are no funds resulting from the legislation, there will be no administrative functions required, and thus no fiscal impact. If funds are available due to the legislation, the fiscal impact will be offset by the administrative funds provided. There is no ongoing fiscal impact if the program sunsets in the future as no administrative functions will be necessary.
The State Treasury states there is no anticipated fiscal impact on the revenues and expenditures of the State Treasury, the fiscal liability of the State, or at the county and local levels.
AGENCIES CONTACTED:
Department of Business and Economic Affairs, University System of New Hampshire, and State Treasury
