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1 Tax on Transfer of Real Property; Rate; Exception Added. Amend RSA 78-B:1, I(b) to read as follows:
(b) Except as provided in RSA 78-B:1-b, the rate of the tax is $.75 per $100, or fractional part thereof, of the price or consideration for such sale, grant, or transfer; except that where the price or consideration is $4,000 or less there shall be a minimum tax of $20. The tax imposed shall be computed to the nearest whole dollar.
2 New Section; Rate of Transfer Tax for First-time Home Buyers. Amend RSA 78-B by inserting after section 1-a the following new section:
78-B:1-b Rate of Transfer Tax for First Time Home Buyers. Notwithstanding RSA 78-B:1, I(b), beginning January 1, 2018 the rate of the tax is $.50 per $100, or fractional part thereof, of the price or consideration for such sale, grant, or transfer applicable to the buyer for the purchase of a qualifying first home, as follows:
I. The rate of tax provided for in this section shall be applied to the amount of tax owed by and actually paid by the buyer pursuant to RSA 78-B:1 and shall not apply to any amounts paid by the buyer on behalf of the seller.
II. For purposes of this section, the term:
(a) "Qualifying first home" shall mean:
(1) The purchase of residential real estate, the price of which does not exceed $300,000;
(2) That will be utilized as the buyer's principal residence as defined in Internal Revenue Code Section 121 and related Treasury Regulations; and
(3) That is the buyer's first purchase of residential real estate.
(b) "Buyer'' shall mean the purchaser, grantee, assignee, or transferee of any real estate or any interest in real estate.
3 Applicability Date. RSA 78-B:1-b, as inserted by section 2 of this act, shall apply to transfers occurring on and after January 1, 2018.
4 Payment of Tax; Exception Added. Amend RSA 78-B:4, III to read as follows:
III. Except as provided in RSA 78-B:1-b, the rate of tax established in RSA 78-B:1 shall apply to both the purchaser, grantee, assignee or transferee and the seller, grantor, assignor or transferor.
5 Prospective Repeal. RSA 78-B:1-b, relative to a transfer tax rate for first-time home buyers, is repealed.
6 Exception Deleted. Amend RSA 78-B:1, I(b) to read as follows:
(b) Except as provided in RSA 78-B:1-b, The rate of the tax is $.75 per $100, or fractional part thereof, of the price or consideration for such sale, grant, or transfer; except that where the price or consideration is $4,000 or less there shall be a minimum tax of $20. The tax imposed shall be computed to the nearest whole dollar.
7 Exception Deleted. Amend RSA 78-B:4, III to read as follows:
III. Except as provided in RSA 78-B:1-b, The rate of tax established in RSA 78-B:1 shall apply to both the purchaser, grantee, assignee or transferee and the seller, grantor, assignor or transferor.
8 Report Required; Department of Revenue Administration. On or before January 1, 2019 and on or before January 1, 2020, the commissioner of revenue administration shall report to the speaker of the house of representatives, the senate president, and the governor on the number of first-time home buyers using the lower transfer tax rate provided in RSA 78-B:1-b and the department's assessment of whether the number of first-time home buyers increased or decreased as a result of the reduced tax rate.
9 Effective Date.
I. Sections 5-7 of this act shall take effect January 1, 2020.
II. The remainder of this act shall take effect upon its passage.
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1 Tax on Transfer of Real Property; Rate; Exception Added. Amend RSA 78-B:1, I(b) to read as follows:
(b) Except as provided in RSA 78-B:1-b, the rate of the tax is $.75 per $100, or fractional part thereof, of the price or consideration for such sale, grant, or transfer; except that where the price or consideration is $4,000 or less there shall be a minimum tax of $20. The tax imposed shall be computed to the nearest whole dollar.
2 New Section; Rate of Transfer Tax for First-time Home Buyers. Amend RSA 78-B by inserting after section 1-a the following new section:
78-B:1-b Rate of Transfer Tax for First Time Home Buyers. Notwithstanding RSA 78-B:1, I(b), beginning January 1, 2018 the rate of the tax is $.50 per $100, or fractional part thereof, of the price or consideration for such sale, grant, or transfer applicable to the buyer for the purchase of a qualifying first home, as follows:
I. The rate of tax provided for in this section shall be applied to the amount of tax owed by and actually paid by the buyer pursuant to RSA 78-B:1 and shall not apply to any amounts paid by the buyer on behalf of the seller.
II. For purposes of this section, the term:
(a) "Qualifying first home" shall mean:
(1) The purchase of residential real estate, the price of which does not exceed $300,000;
(2) That will be utilized as the buyer's principal residence as defined in Internal Revenue Code Section 121 and related Treasury Regulations; and
(3) That is the buyer's first purchase of residential real estate.
(b) "Buyer'' shall mean the purchaser, grantee, assignee, or transferee of any real estate or any interest in real estate.
3 Applicability Date. RSA 78-B:1-b, as inserted by section 2 of this act, shall apply to transfers occurring on and after January 1, 2018.
4 Payment of Tax; Exception Added. Amend RSA 78-B:4, III to read as follows:
III. Except as provided in RSA 78-B:1-b, the rate of tax established in RSA 78-B:1 shall apply to both the purchaser, grantee, assignee or transferee and the seller, grantor, assignor or transferor.
5 Prospective Repeal. RSA 78-B:1-b, relative to a transfer tax rate for first-time home buyers, is repealed.
6 Exception Deleted. Amend RSA 78-B:1, I(b) to read as follows:
(b) The rate of the tax is $.75 per $100, or fractional part thereof, of the price or consideration for such sale, grant, or transfer; except that where the price or consideration is $4,000 or less there shall be a minimum tax of $20. The tax imposed shall be computed to the nearest whole dollar.
7 Exception Deleted. Amend RSA 78-B:4, III to read as follows:
III. The rate of tax established in RSA 78-B:1 shall apply to both the purchaser, grantee, assignee or transferee and the seller, grantor, assignor or transferor.
8 Report Required; Department of Revenue Administration. On or before January 1, 2019 and on or before January 1, 2020, the commissioner of revenue administration shall report to the speaker of the house of representatives, the senate president, and the governor on the number of first-time home buyers using the lower transfer tax rate provided in RSA 78-B:1-b and the department's assessment of whether the number of first-time home buyers increased or decreased as a result of the reduced tax rate.
9 Effective Date.
I. Sections 5-7 of this act shall take effect January 1, 2020.
II. The remainder of this act shall take effect upon its passage.