SB241 (2006) Detail

Allowing municipalities to exclude certain retirement assets from consideration in qualifying for the elderly property tax exemption.


SB 241 – AS INTRODUCED

2006 SESSION

06-2312

10/09

SENATE BILL 241

AN ACT allowing municipalities to exclude certain retirement assets from consideration in qualifying for the elderly property tax exemption.

SPONSORS: Sen. Kenney, Dist 3; Rep. Price, Hills 26; Rep. Powers, Rock 16; Rep. Dickinson, Carr 1

COMMITTEE: Public and Municipal Affairs

ANALYSIS

This bill allows municipalities to exclude certain retirement account assets in the net assets qualification for the elderly property tax exemption.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

06-2312

10/09

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Six

AN ACT allowing municipalities to exclude certain retirement assets from consideration in qualifying for the elderly property tax exemption.

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

1 Property Taxation; Conditions for Elderly Exemption; Net Assets. Amend RSA 72:39-a, I(b) and (c) to read as follows:

(b) Had in the calendar year preceding said April 1 a net income from all sources, or if married, a combined net income from all sources, of not more than the respective amount applicable to each age group as determined by the city or town for purposes of RSA 72:39-b. Under no circumstances shall the amount determined by the city or town be less than $13,400 for a single person or $20,400 for married persons. The net income shall be determined by deducting from all moneys received, from any source including social security or pension payments, the amount of any of the following or the sum thereof:

(1) Life insurance paid on the death of an insured;

(2) Expenses and costs incurred in the course of conducting a business enterprise;

(3) Proceeds from the sale of assets, except for proceeds received as income from tax deferred retirement plans.

(c) Owns net assets not in excess of the amount determined by the city or town for purposes of RSA 72:39-b, excluding the value of the person's actual residence and the land upon which it is located up to the greater of 2 acres or the minimum single family residential lot size specified in the local zoning ordinance. The amount determined by the city or town shall not be less than $35,000. A city or town may set a combined net assets amount for married persons in such greater amount as the legislative body of the city or town may determine. “Net assets” means the value of all assets, tangible and intangible, minus the value of any good faith encumbrances, but shall not include the total value of assets in 401(k) plans, 403(b) plans, IRAs (simple and Roth) and SEP plans, or other similar tax deferred retirement plans. “Residence” means the housing unit, and related structures such as an unattached garage or woodshed, which is the person's principal home, and which the person in good faith regards as home to the exclusion of any other places where the person may temporarily live. “Residence” shall exclude attached dwelling units and unattached structures used or intended for commercial or other nonresidential purposes.

2 Effective Date. This act shall take effect April 1, 2006.

Links

SB241 at GenCourtMobile

Action Dates

Date Body Type

Bill Text Revisions

SB241 Revision: 10236 Date: Jan. 21, 2010, midnight

Docket