SB 244-FN-A - AS AMENDED BY THE SENATE
03/16/2017 0811s
2017 SESSION
17-0813
09/01
SENATE BILL 244-FN-A
AN ACT relative to exemption of income from taxation under the tax on interest and dividends.
SPONSORS: Sen. Sanborn, Dist 9; Rep. Cordelli, Carr. 4; Rep. Vadney, Belk. 2; Rep. Vose, Rock. 9
COMMITTEE: Ways and Means
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This bill increases the amount of income under the tax on interest and dividends which is exempted from taxation.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03/16/2017 0811s 17-0813
09/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seventeen
AN ACT relative to exemption of income from taxation under the tax on interest and dividends.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Who Taxable. Amend RSA 77:3, I to read as follows:
I. Taxable income is that income received from interest and dividends during the tax year prior to the assessment date by:
(a) Individuals who are inhabitants or residents of this state for any part of the taxable year whose gross interest and dividend income from all sources, including income from a qualified investment company pursuant to RSA 77:4, V, exceeds [$2,400] $10,000 during that taxable period.
(b) Partnerships, limited liability companies, and associations, the beneficial interest in which is not represented by transferable shares, whose gross interest and dividend income from all sources exceeds [$2,400] $10,000 during the taxable year, but not including a qualified investment company as defined in RSA 77-A:1, XXI, or a trust comprising a part of an employee benefit plan, as defined in the Employee Retirement Income Security Act of 1974, section 3.
(c) Executors deriving their appointment from a court of this state whose gross interest and dividend income from all sources exceeds [$2,400] $10,000 during the taxable year.
2 Interest and Dividends Tax; Exemptions RSA 77:5 is repealed and reenacted to read as follows:
77:5 Exemptions. Each taxpayer shall have an exemption from income of $10,000.
3 Applicability. This act shall apply to taxable periods ending on or after December 31, 2017.
4 Effective Date. This act shall take effect upon its passage.
17-0813
Amended 3/31/17
SB 244-FN-A- FISCAL NOTE
AS AMENDED BY THE SENATE (AMENDMENT #2017-0811s)
AN ACT relative to exemption of income from taxation under the tax on interest and dividends.
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
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| Estimated Increase / (Decrease) | |||
STATE: | FY 2018 | FY 2019 | FY 2020 | FY 2021 |
Appropriation | $0 | $0 | $0 | $0 |
Revenue | Indeterminable Decrease | Indeterminable Decrease | Indeterminable Decrease | Indeterminable Decrease |
Expenditures | $0 | $0 | $0 | $0 |
Funding Source: | [ X ] General [ ] Education [ ] Highway [ ] Other | |||
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METHODOLOGY:
This bill would increase the Interest and Dividends tax thresholds and exemption amounts from $2,400 for individuals to $10,000 and from $4,800 for joint filers to $20,000. The bill also eliminates the additional exemption of $1,200 for taxpayers who are blind, disabled or over 65. The bill would apply to taxable periods ending on or after December 31, 2017. The Department analyzed the tax liability information reported by taxpayers for tax year 2015 as of January 4, 2017. Based on the tax year 2015 information:
The Department notes the legislation could be implemented within the Department's existing operating budget.
AGENCIES CONTACTED:
Department of Revenue Administration
| Date | Body | Type |
|---|---|---|
| March 8, 2017 | Senate | Hearing |
| March 16, 2017 | Senate | Floor Vote |
| March 23, 2017 | Senate | Floor Vote |
| March 23, 2017 | Senate | Floor Vote |
| March 29, 2017 | Senate | Floor Vote |
| March 30, 2017 | Senate | Floor Vote |
: Inexpedient to Legislate, Adjournment, Senate Rule 3-23; SJ 1
June 22, 2017: Inexpedient to Legislate, Senate Rule 3-23, Adjournment 06/22/2017; SJ 1
March 30, 2017: Pending Motion OT3rdg; 03/30/2017; SJ 12
March 30, 2017: Sen. Sanborn Moved Laid on Table, MA, VV; 03/30/2017; SJ 12
March 30, 2017: Ought to Pass: RC 13Y-8N, MA; 03/30/2017; SJ 12
March 30, 2017: Committee Report: Ought to Pass, 03/30/2017; SC 16
March 30, 2017: Special Order SB 244-FN- to 03/30/2017, Without Objection, MA; 03/29/2017 SJ 11
March 23, 2017: Special Order SB 244-FN-A to the Next Session, Without Objection, MA; 03/23/2017; SJ 10
March 23, 2017: Committee Report: Ought to Pass, 03/23/2017; SC 15
March 16, 2017: Ought to Pass with Amendment 2017-0811s, RC 13Y-8N, MA; Refer to Finance Rule 4-5; 03/16/2017; SJ 9
March 16, 2017: Committee Amendment # 2017-0811s, AA, VV; 03/16/2017; SJ 9
March 16, 2017: Committee Report: Ought to Pass with Amendment # 2017-0811s, 03/16/2017; SC 14
March 8, 2017: Hearing: 03/08/2017, Room 100, SH, 09:00 am; SC 12
Jan. 19, 2017: Introduced 01/19/2017 and Referred to Ways and Means; SJ 5