SB 454-FN - AS AMENDED BY THE SENATE
02/08/2024 0365s
2024 SESSION
24-3023
11/10
SENATE BILL 454-FN
AN ACT increasing the annual real estate transfer tax revenue contribution to the affordable housing fund.
SPONSORS: Sen. Innis, Dist 7; Sen. Watters, Dist 4; Sen. Gendreau, Dist 1; Sen. Perkins Kwoka, Dist 21; Sen. Bradley, Dist 3; Sen. Altschiller, Dist 24; Sen. Soucy, Dist 18; Sen. Carson, Dist 14; Sen. Rosenwald, Dist 13; Sen. Ward, Dist 8; Sen. Chandley, Dist 11; Rep. Emerick, Rock. 29
COMMITTEE: Finance
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ANALYSIS
This bill increases the amount of annual real estate transfer tax revenues which are transfered to the affordable housing fund.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
02/08/2024 0365s 24-3023
11/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Four
AN ACT increasing the annual real estate transfer tax revenue contribution to the affordable housing fund.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Real Estate Transfer Tax; Distribution of Funds; Affordable Housing Fund. Amend RSA 78-B:13, III to read as follows:
III. Annually, on or before October 1, the commissioner shall direct the state treasurer to transfer the sum of [ $5,000,000] $10,000,000 from revenue collected pursuant to the tax imposed by RSA 78-B:1 to the affordable housing fund established in RSA 204-C:57.
2 Effective Date. This act shall take effect July 1, 2025.
24-3023
Amended 2/12/24
SB 454-FN- FISCAL NOTE
AS AMENDED BY THE SENATE (AMENDMENT #2024-0365s)
AN ACT increasing the annual real estate transfer tax revenue contribution to the affordable housing fund.
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
|
| |||||
Estimated State Impact - Increase / (Decrease) | ||||||
| FY 2024 | FY 2025 | FY 2026 | FY 2027 | ||
Revenue | $0 | $0 | ($5,000,000) from GF & ETF $5,000,000 to AH Fund | ($5,000,000) from GF & ETF $5,000,000 to AH Fund | ||
Revenue Fund(s) | General Fund and Education Trust Fund Affordable Housing (AH) Fund | |||||
Expenditures | $0 | $0 | $0 | $0 | ||
Funding Source(s) | None | |||||
Appropriations | $0 | $0 | $0 | $0 | ||
Funding Source(s) | None | |||||
• Does this bill provide sufficient funding to cover estimated expenditures? [X] N/A • Does this bill authorize new positions to implement this bill? [X] N/A | ||||||
METHODOLOGY:
This bill increases the annual transfer from the Real Estate Transfer Tax (RETT) to the Affordable Housing Fund from $5,000,000 to $10,000,000 effective July 1, 2025. This bill will further reduce the RETT deposited to the General Fund and Education Trust Fund by $5,000,000 each year and increase the Affordable Housing Fund funding by $5,000,000.
AGENCIES CONTACTED:
None
| Date | Amendment |
|---|---|
| Jan. 31, 2024 | 2024-0365s |
| Date | Body | Type |
|---|---|---|
| Jan. 9, 2024 | Senate | Hearing |
| Feb. 8, 2024 | Senate | Floor Vote |
| March 11, 2024 | House | Hearing |
| March 26, 2024 | House | Exec Session |
April 8, 2024: Minority Committee Report: Ought to Pass
April 8, 2024: Majority Committee Report: Refer for Interim Study 03/26/2024 (Vote 11-8; RC)
March 13, 2024: Executive Session: 03/26/2024 11:00 am LOB 202-204
March 7, 2024: Public Hearing: 03/11/2024 01:30 pm LOB 202-204
Feb. 29, 2024: Introduced (in recess of) 02/22/2024 and referred to Ways and Means HJ 6
Feb. 8, 2024: Ought to Pass with Amendment 2024-0365s, MA, VV; OT3rdg; 02/08/2024; SJ 3
Feb. 8, 2024: Committee Amendment # 2024-0365s, AA, VV; 02/08/2024; SJ 3
Jan. 31, 2024: Committee Report: Ought to Pass with Amendment # 2024-0365s, 02/08/2024, Vote 7-0; SC 6
Dec. 14, 2023: Hearing: 01/09/2024, Room 103, SH, 01:00 pm; SC 48
Dec. 12, 2023: To Be Introduced 01/03/2024 and Referred to Finance; SJ 1