SB 327-FN – VERSION ADOPTED BY BOTH BODIES
03/27/14 1074s
2014 SESSION
10/04
SENATE BILL 327-FN
AN ACT relative to economic revitalization zone tax credits.
SPONSORS: Sen. Watters, Dist 4; Sen. Boutin, Dist 16; Sen. Bradley, Dist 3; Sen. Carson, Dist 14; Sen. Cataldo, Dist 6; Sen. D'Allesandro, Dist 20; Sen. Forrester, Dist 2; Sen. Fuller Clark, Dist 21; Sen. Gilmour, Dist 12; Sen. Larsen, Dist 15; Sen. Lasky, Dist 13; Sen. Odell, Dist 8; Sen. Pierce, Dist 5; Sen. Rausch, Dist 19; Sen. Reagan, Dist 17; Sen. Woodburn, Dist 1; Rep. Schlachman, Rock 18; Rep. D. Hooper, Straf 16; Rep. Stroud, Hills 21
This bill extends the availability of economic revitalization zone tax credits under RSA 162-N until 2020, and allows for continuation of unclaimed credit amounts.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03/27/14 1074s
14-2771
10/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Fourteen
AN ACT relative to economic revitalization zone tax credits.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Effective Date of Prospective Repeal of Economic Revitalization Zone Tax Credits. Amend 2007, 263:176, X, as amended by 2010, 311:1 to read as follows:
X. Section 123 of this act shall take effect July 1, [2015] 2020.
2 Limit on Total Economic Revitalization Zone Credits; Unclaimed Credit Amounts. Amend RSA 162-N:5 to read as follows:
162-N:5 Limit on Total Economic Revitalization Zone Credits. The aggregate of tax credits issued by the commissioner of resources and economic development to all taxpayers claiming the credit shall not exceed $825,000 for any calendar year, except that any amount of the credit less than $825,000 that is not claimed in the calendar year may be issued in the next calendar year and in following years. Amounts carried forward pursuant to RSA 162-N:7 shall not be counted against this limit in any year in which they are applied. Notwithstanding RSA 162-N:6, the maximum credit which may be utilized by a taxpayer in any calendar year shall not exceed $40,000. In the case in which the aggregate credits requested during the calendar year exceed [$825,000] the amount available, each taxpayer shall receive a credit for the proportional share of the maximum aggregate credit amount.
3 Effective Date. This act shall take effect 60 days after its passage.
LBAO
14-2771
Revised 04/22/14
Amended 04/09/14
SB 327-FN FISCAL NOTE
AN ACT relative to economic revitalization zone tax credits.
FISCAL IMPACT:
The Department of Revenue Administration states this bill, as amended by the Senate (Amendment #2014-1074s), may reduce state general fund revenue by $825,000 in FY 2016 and each year thereafter. This bill will have no fiscal impact on state, county, and local expenditures, or county and local revenue.
METHODOLOGY:
The Department of Revenue Administration (DRA) states this bill would extend the availability of the Economic Revitalization Zone Tax Credits (ERZTC) under RSA 162-N through FY 2020. The credit is currently effective through FY 2015. The maximum ERZTC issued annually is capped at $825,000. The bill will also allow any unawarded amount to be carried forward to the subsequent year. DRA states they could administer the bill within their existing budget.