Revision: April 5, 2023, 1:14 p.m.
Rep. Hoell, Merr. 27
Rep. Prout, Hills. 13
Rep. Comtois, Belk. 7
April 5, 2023
2023-1331h
07/10
Floor Amendment to HB 2-FN-A-LOCAL
Amend the bill by replacing section 197 with the following:
197 Business Enterprise Tax; Distribution to Education Trust Fund. Amend RSA 77-E:14 to read as follows:
77-E:14 Distribution of Funds.
I. The commissioner shall determine [the additional amounts of] 25 percent of the revenue produced by [an increase of .50 percent in the rate of] the tax imposed by RSA 77-E:2 for each fiscal year and shall certify such amounts to the state treasurer by October 1 of that year for deposit in the education trust fund established by RSA 198:39.
II. The commissioner shall make quarterly estimates of the amount of [additional] revenues that will be produced [by the increase in tax rate] for the next fiscal year and shall certify such amounts to the state treasurer for deposit in the education trust fund established by RSA 198:39. Such estimates shall be certified on June 1, September 1, December 1, and March 1 of each year.
Amend the bill by inserting after section 197 the following new sections:
197-a New Paragraph; Business Enterprise Tax; Rate Reduced. Amend RSA 77-E:2 by inserting after paragraph II the following new paragraph:
III. For all taxable periods ending on or after December 31, 2024, a tax is imposed at the rate of 0.50 percent upon the taxable enterprise value tax base of every business enterprise.
197-b General Fund and Education Fund Business Enterprise Tax. The estimate of unrestricted revenue for general fund and education fund, business enterprise tax, in HB 1-A of the 2023 regular legislative session is hereby decreased by $6,000,000 for the fiscal year ending June 30, 2024 and by $24,000,000 for the fiscal year ending June 30, 2025. These decreases shall be allocated between the business enterprise revenue estimates to the general fund and education trust fund as contained in this act.
2023-1331h
AMENDED ANALYSIS
Replace 76 to read as follows:
76. Increases the distribution of business profits and business enterprise tax revenues to the education trust fund and decreases the rate of the business enterprise tax.