HB 109 – AS INTRODUCED
2005 SESSION
05/09
HOUSE BILL 109
AN ACT requiring notification of federal tax requirements in the sale of a principal residence and limiting the disclosure of social security numbers in real estate transfers.
SPONSORS: Rep. Buhlman, Hills 27; Rep. Field, Merr 7; Rep. Ingbretson, Graf 5
This bill requires the person who prepares the deed of transfer to notify the seller of the amount excluded from federal tax reporting requirements in the sale of a principal residence. The bill also limits the disclosure of social security numbers in real estate transactions.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
05-0055
05/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Five
AN ACT requiring notification of federal tax requirements in the sale of a principal residence and limiting the disclosure of social security numbers in real estate transfers.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Notification of Tax Exemption Amount and Restriction on Disclosure of Social Security Numbers. Amend RSA 477 by inserting after section 4-f the following new section:
477:4-g Notification of Tax Exemption Amount and Restriction on Disclosure of Social Security Numbers.
I. For the sale of a principal residence, the preparer of the property transfer deed shall provide to the seller of the principal residence the exemption amounts, established by the Internal Revenue Service, below which no requirement to report on the sale or exchange of said principal residence is required. This information shall be provided to the seller of the principal residence a minimum of 10 days before the closing date on the property.
II. Where any social security numbers are required on real estate forms that are given to the parties at or before the closing, or on real estate forms that can be viewed by others who are not parties to the real estate transaction, or the advisors to said parties, only the last 4 digits of social security numbers shall be shown. This paragraph shall apply to any transaction for the conveyance of real property in which either party uses a social security number as opposed to a federal tax identification number.
2 Effective Date. This act shall take effect January 1, 2006.