HB600 (2019) Detail

(New Title) adding an exception to the real estate transfer tax for transfers of interest in certain low-income housing.


CHAPTER 136

HB 600-FN - FINAL VERSION

 

19Mar2019... 0887h

2019 SESSION

19-0647

10/05

 

HOUSE BILL 600-FN

 

AN ACT adding an exception to the real estate transfer tax for transfers of interest in certain low-income housing.

 

SPONSORS: Rep. Williams, Hills. 4

 

COMMITTEE: Ways and Means

 

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AMENDED ANALYSIS

 

This bill excepts from the real estate transfer tax certain transfers of interest in low-income housing subject to federal restrictions or other requirements where the property remains subject to land use restriction and affordability covenants.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

19Mar2019... 0887h 19-0647

10/05

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Nineteen

 

AN ACT adding an exception to the real estate transfer tax for transfers of interest in certain low-income housing.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

136:1  New Paragraph; Real Estate Transfer Tax; Exception Added; Federally Rent Restricted Properties.  Amend RSA 78-B:2 by inserting after paragraph XXII the following new paragraph:

XXIII.(a)  To a direct or indirect transfer of an interest in real property, provided that the real estate transfer tax was paid by the buyer or seller, or an affiliate of either, when the real property title was acquired, unless otherwise exempt pursuant to this section, and the transfer is made in connection with the commencement, syndication, development, re-syndication, or conclusion of investment financing related to any of the following:

(1)(A)(i)  A federal low-income housing tax credit project, as defined in Section 42 of the Internal Revenue Code of 1986, as amended; or

(ii)  A project funded with federal grants made to states for low-income housing projects in lieu of low-income housing tax credits under Section 1602 of the American Recovery and Reinvestment Act of 2009;

(B)  Provided that the project under subparagraph (A)(i) or (A)(ii) remains subject to an extended low-income housing commitment in accordance with the provisions of Section 42(h)(6) of the Internal Revenue Code of 1986, as amended.

(2)  A Rental Assistance Demonstration (RAD) public housing conversion under the federal Consolidated and Further Continuing Appropriations Act of 2012, as amended.

(3)   Such other federal, state, or local financing program requiring that the real estate remains subject to land use restriction and rental housing affordability covenants which limit allowable rents charged to individuals or families, consistent with (i) RSA 674:58, IV, pertaining to workforce housing; or (ii) as otherwise required under the applicable federal, state, or local program.

(b)  For purposes of this paragraph, "affiliate" means any entity which controls or is controlled by, or is under common control with, another entity.  For purposes of this definition, an entity controls another entity when the first entity possesses or exercises directly, or indirectly through one or more other affiliates or related entities, the power to direct the management and policies of the other entity, whether through the ownership of voting rights, membership, or the power to appoint members, trustees, or directors, by contract or otherwise.

136:2  Effective Date.  This act shall take effect July 1, 2019.

 

Approved: June 25, 2019

Effective Date: July 01, 2019

 

 

Links

HB600 at GenCourtMobile
HB600 Discussion

Action Dates

Date Body Type
Jan. 30, 2019 House Hearing
March 13, 2019 House Exec Session
March 13, 2019 House Exec Session
House Floor Vote
March 19, 2019 House Floor Vote
April 24, 2019 Senate Hearing
April 18, 2019 Senate Hearing
May 15, 2019 Senate Floor Vote

Bill Text Revisions

HB600 Revision: 6422 Date: Dec. 3, 2019, 1:15 p.m.
HB600 Revision: 5991 Date: May 15, 2019, 4:19 p.m.
HB600 Revision: 5609 Date: April 1, 2019, 12:10 p.m.
HB600 Revision: 4864 Date: Jan. 15, 2019, 3:02 p.m.

Docket


June 25, 2019: Signed by Governor Sununu 06/25/2019; Chapter 136; Eff: 07/01/2019


May 23, 2019: Enrolled 05/23/2019 HJ 16 P. 51


May 30, 2019: Enrolled (In recess 05/30/2019); SJ 19


May 15, 2019: Ought to Pass: MA, VV; OT3rdg; 05/15/2019; SJ 16


May 15, 2019: Committee Report: Ought to Pass, 05/15/2019; SC 22


April 18, 2019: Hearing: 04/18/2019, Room 100, SH, 11:15 am; SC 18


April 24, 2019: ==TIME CHANGE== Hearing: 04/24/2019, Room 100, SH, 10:15 am; SC 19A


March 28, 2019: Introduced 03/28/2019 and Referred to Ways and Means; SJ 12


March 19, 2019: Ought to Pass with Amendment 2019-0887h (NT): MA VV 03/19/2019 HJ 10 P. 45


March 19, 2019: Amendment # 2019-0887h (NT): AA VV 03/19/2019 HJ 10 P. 45


: Committee Report: Ought to Pass with Amendment # 2019-0887h (NT) (Vote 19-0; RC)


March 19, 2019: Committee Report: Ought to Pass with Amendment # 2019-0887h (NT) for 03/19/2019 (Vote 19-0; RC) HC 16 P. 16


March 13, 2019: Executive Session: 03/13/2019 10:00 am LOB 202


March 13, 2019: Subcommittee Work Session: 03/13/2019 09:55 am LOB 202


March 6, 2019: Subcommittee Work Session: 03/06/2019 01:00 pm LOB 202


Feb. 20, 2019: Subcommittee Work Session: 02/20/2019 02:30 pm LOB 203


Jan. 30, 2019: Public Hearing: 01/30/2019 02:00 pm LOB 202


Jan. 3, 2019: Introduced 01/03/2019 and referred to Ways and Means HJ 3 P. 21