Revision: Jan. 17, 2019, 5:19 p.m.
SB 74-FN-A - AS INTRODUCED
2019 SESSION
19-0843
10/05
SENATE BILL 74-FN-A
SPONSORS: Sen. Fuller Clark, Dist 21; Sen. Kahn, Dist 10; Sen. Cavanaugh, Dist 16; Rep. Tucker, Coos 5
COMMITTEE: Energy and Natural Resources
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ANALYSIS
This bill increases the fee assessed in addition to register of deeds recording fees used to support the land and community heritage investment program.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
19-0843
10/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nineteen
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Recording Fee; Surcharge; Land and Community Heritage Investment Program. Amend RSA 478:17-g, II(a) to read as follows:
II.(a) An additional charge of [$25] $35 shall also be assessed for recording each deed, mortgage, mortgage discharge or plan, but shall not be assessed for the recording of any other document. The charge provided for herein shall be paid by the grantee in a deed, the grantor in a mortgage, the person or entity discharging a mortgage in the case of a discharge, and the primary owner of property shown on a plan. The charge provided for in this section shall not be assessed for the recording of any documents in which the United States or any instrumentality thereof, the state, a state agency, a county, a municipality, a village district, or a school district is a party.
2 Effective Date. This act shall take effect July 1, 2019.
19-0843
12/28/18
SB 74-FN-A- FISCAL NOTE
AS INTRODUCED
FISCAL IMPACT: [ X ] State [ X ] County [ ] Local [ ] None
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| Estimated Increase / (Decrease) | |||
STATE: | FY 2020 | FY 2021 | FY 2022 | FY 2023 |
Appropriation | $0 | $0 | $0 | $0 |
Revenue | $1,584,808 | $1,584,808 | $1,584,808 | $1,584,808 |
Expenditures | $0 | $0 | $0 | $0 |
Funding Source: | [ ] General [ ] Education [ ] Highway [ X ] Other - Land and Community Heritage Investment Program (LCHIP) Recording Fee Surcharge (RSA 478:17-g, II(a) | |||
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METHODOLOGY:
This bill would increase the additional recording fee assessed for certain documents at the registries of deeds to support the Land and Community Heritage Investment Program (LCHIP). The fee would increase by $10, from $25 to $35. The Treasury calculated the increased fee amount from $25 to $35 as a 40% increase ($35-$25=$10 $10/$25=40%). Treasury assumes the same level of activity in each fiscal year. Based on FY 2018 unaudited revenues from the $25 fee of $3,962,020, an estimated increase of 40% to $35 would yield an additional $1,584,808 per year ($3,962,020 x 0.40 = $1,584,808).
The Treasury and New Hampshire Association of Counties indicate there is no fiscal impact on the counties for this increased surcharge as the funds are still remitted to the state.
AGENCIES CONTACTED:
Treasury Department and New Hampshire Association of Counties