CACR10 (2011) Detail

Relating to establishing a New Hampshire state reserve fund. Providing that the New Hampshire state reserve fund shall be under the authority of the state treasurer and dedicated to offset the business profits tax, business enterprise tax, and the interest and dividends tax for purposes of lowering the rates of such taxes.


CACR 10 – AS INTRODUCED

2011 SESSION

11-0424

09/04

CONSTITUTIONAL AMENDMENT

CONCURRENT RESOLUTION 10

RELATING TO: establishing a New Hampshire state reserve fund.

PROVIDING THAT: the New Hampshire state reserve fund shall be under the authority of the state treasurer and dedicated to offset the business profits tax, business enterprise tax, and the interest and dividends tax for purposes of lowering the rates of such taxes.

SPONSORS: Rep. Malone, Belk 5

COMMITTEE: Ways and Means

ANALYSIS

This constitutional amendment concurrent resolution establishes a New Hampshire state reserve fund under the authority of the state treasurer and dedicated to offset the business profits tax, business enterprise tax, and the interest and dividends tax for purposes of lowering the rates of such taxes.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

11-0424

09/04

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Eleven

CONCURRENT RESOLUTION PROPOSING CONSTITUTIONAL AMENDMENT

RELATING TO: establishing a New Hampshire state reserve fund.

PROVIDING THAT: the New Hampshire state reserve fund shall be under the authority of the state treasurer and dedicated to offset the business profits tax, business enterprise tax, and the interest and dividends tax for purposes of lowering the rates of such taxes.

Be it Resolved by the House of Representatives, the Senate concurring, that the

Constitution of New Hampshire be amended as follows:

I. That part second of the constitution be amended by inserting after article 6-b the following new article:

[Art.] 6-c. [State Reserve Fund Restricted to Offsetting Business Taxes and the Interest and Dividends Tax]. A New Hampshire state reserve fund is hereby established under the authority of the state treasurer and dedicated and restricted to offsetting the business profits tax, business enterprise tax, and the interest and dividends tax for purposes of lowering the rates of such taxes. The fund shall consist of 10 percent of the balance of the revenue stabilization reserve account, which shall be transferred to the state reserve fund at the close of each fiscal year; any other appropriations which may be made by the general court of surplus funds from the operating budget for the prior fiscal year; and any type of public or private donations, including precious metals. All funds and metals received from appropriations and donations may be invested in any security, commodity, currency, or precious metal. The principal shall be reserved and shall not be expended for any purpose. All the interest received on the fund, after deducting the necessary costs of administration including personnel salaries and other personnel costs, shall be dedicated and continually appropriated to be used exclusively at the discretion of the state treasurer to offset the business profits tax, business enterprise tax, and the interest and dividend tax for purposes of reducing the rates of such taxes and shall not be transferred or diverted to any other purpose.

II. That the above amendment proposed to the constitution be submitted to the qualified voters of the state at the state general election to be held in November, 2012.

III. That the selectmen of all towns, cities, wards and places in the state are directed to insert in their warrants for the said 2012 election an article to the following effect: To decide whether the amendments of the constitution proposed by the 2011 session of the general court shall be approved.

IV. That the wording of the question put to the qualified voters shall be:

“Are you in favor of amending the second part of the constitution by inserting after article 6-b a new article to read as follows:

[Art.] 6-c. [State Reserve Fund Restricted to Offsetting Business Taxes and the Interest and Dividends Tax]. A New Hampshire state reserve fund is hereby established under the authority of the state treasurer and dedicated and restricted to offsetting the business profits tax, business enterprise tax, and the interest and dividends tax for purposes of lowering the rates of such taxes. The fund shall consist of 10 percent of the balance of the revenue stabilization reserve account, which shall be transferred to the state reserve fund at the close of each fiscal year; any other appropriations which may be made by the general court of surplus funds from the operating budget for the prior fiscal year; and any type of public or private donations, including precious metals. All funds and metals received from appropriations and donations may be invested in any security, commodity, currency, or precious metal. The principal shall be reserved and shall not be expended for any purpose. All the interest received on the fund, after deducting the necessary costs of administration including personnel salaries and related personnel costs, shall be dedicated and continually appropriated to be used exclusively at the discretion of the state treasurer to offset the business profits tax, business enterprise tax, and the interest and dividend tax for purposes of reducing the rates of such taxes and shall not be transferred or diverted to any other purpose.”

V. That the secretary of state shall print the question to be submitted on a separate ballot or on the same ballot with other constitutional questions. The ballot containing the question shall include 2 squares next to the question allowing the voter to vote “Yes” or “No.” If no cross is made in either of the squares, the ballot shall not be counted on the question. The outside of the ballot shall be the same as the regular official ballot except that the words “Questions Relating to Constitutional Amendments proposed by the 2011 General Court” shall be printed in bold type at the top of the ballot.

VI. That if the proposed amendment is approved by 2/3 of those voting on the amendment, it becomes effective when the governor proclaims its adoption.

Links

CACR10 at GenCourtMobile

Action Dates

Date Body Type

Bill Text Revisions

CACR10 Revision: 17915 Date: Feb. 1, 2011, midnight

Docket