Text to be removed highlighted in red.
189:1 New Paragraph; Business Profits Tax; Imposition of Rate; Rate Reduced 2023. Amend RSA 77-A:2 by inserting after paragraph II the following new paragraph:
III. For all taxable periods ending on or after December 31, 2023, a tax is imposed at the rate of 7.5 percent upon the taxable business profits of every business organization.
189:2 Short Title. Section 4 of this act may be known as the "Property Tax Relief Act of 2022."
189:3 Legislative Findings.
I. New Hampshire's working families and small businesses are struggling with a 40-year high inflation rate that has had a devastating impact on the price of gasoline, home heating, and food resulting from policies adopted in Washington, D.C. since January 2021.
II. Prior to January of 2021, the price of gasoline was approximately half of what it is today and now has steadily risen over the past 15 months.
III. Because of sound budget policies that controlled spending and made New Hampshire's business tax climate more competitive, state revenues are currently $252 million above budget projections, enabling the legislature to share the state's projected budget surplus with cities and towns in order to lower local property taxes.
189:4 Local Property Tax Reduction. A one-time appropriation of state surplus funds is hereby granted to each political subdivision of the state in accordance with section 5 of this act. It is the intent of the legislature that this will result in a one-time reduction in local property taxes without increasing state or local baseline spending.
189:5 Retirement System Costs; State Funding; Appropriation. For the state fiscal year ending June 30, 2023, the state shall pay to each political subdivision an amount equal to 7.5 percent of both the normal and accrued liability contributions of each political subdivision for benefits under the retirement system on account of its group II members and group I teacher members. The board of trustees of the retirement system shall certify the amount required for each such state payment based on actual payroll data from the fiscal year ending June 30, 2022, and the total amount of the state grants, to the treasurer. The governor is authorized to draw a warrant for the total sum of these one-time grants out of any money in the treasury not otherwise appropriated.
189:6 Repeal. RSA 100-A:16, II(c-1) relative to employer contributions for fiscal year 2012, is repealed.
189:7 Effective Date.
I. Section 1 of this act shall take effect upon its passage.
II. The remainder of this act shall take effect July 1, 2022.
Approved: June 17, 2022
Effective Date:
I. Section 1 effective June 17, 2022
II. Remainder effective July 1, 2022
Text to be added highlighted in green.
189:1 New Paragraph; Business Profits Tax; Imposition of Rate; Rate Reduced 2023. Amend RSA 77-A:2 by inserting after paragraph II the following new paragraph:
III. For all taxable periods ending on or after December 31, 2023, a tax is imposed at the rate of 7.5 percent upon the taxable business profits of every business organization.
189:2 Short Title. Section 4 of this act may be known as the "Property Tax Relief Act of 2022."
189:3 Legislative Findings.
I. New Hampshire's working families and small businesses are struggling with a 40-year high inflation rate that has had a devastating impact on the price of gasoline, home heating, and food resulting from policies adopted in Washington, D.C. since January 2021.
II. Prior to January of 2021, the price of gasoline was approximately half of what it is today and now has steadily risen over the past 15 months.
III. Because of sound budget policies that controlled spending and made New Hampshire's business tax climate more competitive, state revenues are currently $252 million above budget projections, enabling the legislature to share the state's projected budget surplus with cities and towns in order to lower local property taxes.
189:4 Local Property Tax Reduction. A one-time appropriation of state surplus funds is hereby granted to each political subdivision of the state in accordance with section 5 of this act. It is the intent of the legislature that this will result in a one-time reduction in local property taxes without increasing state or local baseline spending.
189:5 Retirement System Costs; State Funding; Appropriation. For the state fiscal year ending June 30, 2023, the state shall pay to each political subdivision an amount equal to 7.5 percent of both the normal and accrued liability contributions of each political subdivision for benefits under the retirement system on account of its group II members and group I teacher members. The board of trustees of the retirement system shall certify the amount required for each such state payment based on actual payroll data from the fiscal year ending June 30, 2022, and the total amount of the state grants, to the treasurer. The governor is authorized to draw a warrant for the total sum of these one-time grants out of any money in the treasury not otherwise appropriated.
189:6 Repeal. RSA 100-A:16, II(c-1) relative to employer contributions for fiscal year 2012, is repealed.
189:7 Effective Date.
I. Section 1 of this act shall take effect upon its passage.
II. The remainder of this act shall take effect July 1, 2022.
Approved: June 17, 2022
Effective Date:
I. Section 1 effective June 17, 2022
II. Remainder effective July 1, 2022