SB454 (2024) Detail

Increasing the annual real estate transfer tax revenue contribution to the affordable housing fund.


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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.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.

 

LBA

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

 

Amendments

Date Amendment
Jan. 31, 2024 2024-0365s

Links


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

Bill Text Revisions

SB454 Revision: 40803 Date: Feb. 15, 2024, 9:22 a.m.
SB454 Revision: 40690 Date: Jan. 31, 2024, 2:09 p.m.
SB454 Revision: 40161 Date: Dec. 12, 2023, 2:42 p.m.

Docket


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 02/29/2024 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