Revision: March 31, 2022, 5:09 p.m.
Rep. Umberger, Carr. 2
Rep. Major, Rock. 14
March 23, 2022
2022-1198h
04/10
Floor Amendment to HB 1598-FN
Amend RSA 318-F:15, IV(a) as inserted by section 5 of the bill by replacing it with the following:
(a) Fifty percent of remaining funds shall be transferred to the education trust fund established in RSA 198:39. The comptroller shall notify the commissioner of the department of revenue administration of the amount of the transfer. For the purpose of setting the education tax rate under RSA 76:3, the amount of revenue required to be collected pursuant to RSA 76:3 shall be reduced by the amount transferred to the education trust fund as required in this subparagraph, and the commissioner shall set the rate at a level sufficient to generate the reduced amount. This rate shall be effective for the following fiscal year.
Amend the bill by inserting after section 17 the following and renumbering the original sections 18-19 to read as 19-20, respectively:
18 Taxation; Education Tax. Amend RSA 76:3 to read as follows:
76:3 Education Tax. Beginning July 1, 2005, and every fiscal year thereafter, the commissioner of the department of revenue administration shall set the education tax rate at a level sufficient to generate revenue of $363,000,000, less any amount credited to the education trust fund pursuant to RSA 318-F:15, IV(a), when imposed on all persons and property taxable pursuant to RSA 76:8, except property subject to tax under RSA 82 and RSA 83-F. The education property tax rate shall be effective for the following fiscal year. The rate shall be set to the nearest 1/2 cent necessary to generate the revenue required in this section.