HB 1429-FN-A - AS INTRODUCED
2018 SESSION
18-2447
10/01
HOUSE BILL 1429-FN-A
AN ACT relative to exemptions from the tax on interest and dividends.
SPONSORS: Rep. Dyer, Hills. 37
COMMITTEE: Ways and Means
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ANALYSIS
This bill increases the individual exemptions from the tax on interest and dividends.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
18-2447
10/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eighteen
AN ACT relative to exemptions from the tax on interest and dividends.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Interest and Dividends; Who Taxable. Amend RSA 77:3, I(a) to read as follows:
(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] $4,800 during that taxable period.
2 Individual Exemption Increased. Amend RSA 77:5, I to read as follows:
I. Income of [$2,400] $4,800.
3 Effective Date. This act shall take effect July 1, 2018.
18-2447
10/27/17
HB 1429-FN-A- FISCAL NOTE
AS INTRODUCED
AN ACT relative to exemptions from the tax on interest and dividends.
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
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| Estimated Increase / (Decrease) | |||
STATE: | FY 2019 | FY 2020 | FY 2021 | FY 2022 |
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 amends RSA 77:3,I (a) of the interest and dividends tax by increases the filing threshold for individuals only from $2,400 to $4,800 and amends RSA 77:5, I by increasing the exemption on income from $2,400 to $4,800. Increasing the exemptions under the interest and dividends tax will result in an indeterminable decrease in State General Fund revenue. The Department cannot determine the potential decrease in revenue in future years; however, the Department did apply the changes contained in this bill (assuming the changes would also apply to RSA 77:3, I (b) and (c), to tax year 2015 to show the impact on revenue in that tax year. If this bill had been in effect for tax year 2015, State General Fund revenue would have been reduced by $6,994,969. Additionally, there are some taxpayers who have overpaid their tax liability that carry the overpayment as a credit rather than request a refund. If a taxpayer no longer has an Interest and Dividends Tax liability due to the changes in this bill, they may request their credit be refunded. The requested refunds would add to any revenue decrease attributable to this bill.
AGENCIES CONTACTED:
Department of Revenue Administration
| Date | Body | Type |
|---|---|---|
| Jan. 23, 2018 | House | Hearing |
| Feb. 6, 2018 | House | Exec Session |
| House | Floor Vote | |
| Feb. 22, 2018 | House | Floor Vote |
Feb. 22, 2018: Inexpedient to Legislate: MA VV 02/22/2018 HJ 5 P. 15
: Committee Report: Inexpedient to Legislate (Vote 23-0; CC)
Feb. 22, 2018: Committee Report: Inexpedient to Legislate for 02/22/2018 (Vote 23-0; CC) HC 7 P. 13
Feb. 6, 2018: Executive Session: 02/06/2018 LOB 202
Feb. 6, 2018: Full Committee Work Session: 02/06/2018 10:30 AM LOB 202
Jan. 30, 2018: Full Committee Work Session: 01/30/2018 01:00 PM LOB 202
Jan. 23, 2018: Public Hearing: 01/23/2018 02:00 PM LOB 202
Jan. 3, 2018: Introduced 01/03/2018 and referred to Ways and Means HJ 1 P. 10