Revision: Jan. 11, 2010, midnight
HB 262 – AS INTRODUCED
2007 SESSION
10/05
HOUSE BILL 262
AN ACT allowing municipalities to exclude certain retirement assets from consideration in qualifying for the elderly property tax exemption.
SPONSORS: Rep. Martin, Carr 5; Rep. Pelkey, Ches 7; Rep. Kidder, Merr 1; Sen. Kenney, Dist 3
COMMITTEE: Municipal and County Government
This bill allows municipalities to exclude certain retirement account assets in the net assets qualification for the elderly property tax exemption.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
07-0124
10/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
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(c) to read as follows:
(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, 2007.