Revision: June 6, 2025, 10:50 a.m.
Sen. Reardon, Dist 15
Sen. Rosenwald, Dist 13
Sen. Watters, Dist 4
Sen. Prentiss, Dist 5
Sen. Perkins Kwoka, Dist 21
Sen. Long, Dist 20
Sen. Fenton, Dist 10
Sen. Altschiller, Dist 24
June 4, 2025
2025-2683s
08/09
Floor Amendment to HB 2-FN-A-LOCAL
Amend the bill by replacing sections 16 through 23 with the following:
16 Education Trust Fund Appropriations Reductions; Education Freedom Accounts. The education trust fund appropriations to the department of education, in account 06-56-56560040-3446, class line 102, for education freedom accounts, shall be reduced by $9,844,091 for the fiscal year ending June 30, 2026, and by $18,344,091 for the fiscal year ending June 30, 2027. The department shall report to the fiscal committee of the general court on such reductions.
Amend the bill by replacing sections 139 through 142 with the following:
139 Business Profits Tax; Distribution of Funds. Amend RSA 77-A:20-a, I to read as follows:
I. The commissioner shall determine [41] 34.5 percent of the revenue produced by the tax imposed by RSA 77-A: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.
140 Business Enterprise Tax; Distribution of Funds. Amend RSA 77-E:14, I to read as follows:
I. The commissioner shall determine [[41]] 34.5 percent of the revenue produced by 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.
141 Tobacco Tax; Distribution of Funds. RSA 78:24 is repealed and reenacted to read as follows:
78:24 Distribution of Funds.
I. Tax revenue on all tobacco products sold at retail in this state imposed by RSA 78:2 shall be divided with 34.5 percent of that total revenue deposited in the education trust fund established by RSA 198:39 and the remaining revenue deposited in the general fund.
II. The commissioner shall certify such amount 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.
142 Tax on Transfer of Real Property; Distribution of Funds. RSA 78-B:13, I, is repealed and reenacted to read as follows:
I. Tax revenue collected by RSA 78-B:1 shall be divided, with 34.5 percent of that total revenue deposited in the education trust fund established by RSA 198:39 and the remaining revenue deposited in the general fund.
Amend the bill by inserting after section 573 the following:
574 New Subdivision; Impact of Tariffs. Amend RSA 12-O by inserting after section 76 the following new subdivision:
Impact of Tariffs
12-O:77 Annual Report on the Impacts of Tariffs.
I. This section shall be known as the "Tariffs Are a Tax Act".
II. The general court hereby finds that:
(a) President Donald J. Trump announced sweeping tariffs against Canada and Canada has since announced retaliatory tariffs against the United States.
(b) Canada is New Hampshire's number one export market, totaling $1.4 billion in annual goods.
(c) New Hampshire imports $2 billion in goods from Canada annually, including $444 million in fuel oil, $111 million in fish and crustaceans, and $78 million in wood products.
(d) Officials from the Canadian government have said that a tariff on these imports from Canada will directly result in higher costs for New Hampshire residents for goods such as gas, seafood, groceries, fresh fruit and vegetables like blueberries and potatoes, durable goods, and housing production.
(e) 182,000 New Hampshire jobs rely on international trade.
III. The commissioner shall prepare a report to be presented no later than October 1, 2025, to the governor, executive council, the fiscal committee of the general court, the president of the senate, the speaker of the house of representatives, and the state library. The report shall be posted online on the website of the department. The report shall detail:
(a) The specific cost increases, both direct and indirect, broken down by the specific good or service sold in New Hampshire, as a result of the tariffs outlined in paragraph II.
(b) The number of jobs impacted by the tariffs outlined in paragraph II, including the number of jobs lost, if applicable.
(c) The lost revenue to New Hampshire businesses as a result of the tariffs in paragraph II.
IV. There is hereby established a special fund for tariff relief for small businesses. Such fund shall be administered by the department of business and economic affairs. The department shall use moneys in the fund following the completion of their report under paragraph III to assist small businesses in New Hampshire that have been affected by tariffs as outlined in paragraph II by distributing grants only to businesses whose primary place of business is in New Hampshire and are considered small businesses under the United States Small Business Administration’s definition under 13 C.F.R. Section 121.105. Such grants shall be used by the small business to address economic hardships including but not limited to temporary supply chain disruptions and preservation of small businesses with low capital reserves, as detailed by the report completed under section III. The department of business and economic affairs shall adopt rules under RSA 541-A relative to the application process, selection criteria and process, and distribution of moneys under the fund. The fund shall be nonlapsing.
575 New Subparagraph; Tariff Relief For Small Businesses Fund. Amend RSA 6:12, I(b) by inserting after subparagraph (399) the following new subparagraph:
(400) Moneys deposited in the tariff relief for small businesses fund as established in 12-O:77.
576 Appropriation; Tariff Relief for Small Businesses. The tariff relief for small businesses fund established in 12-O:77 is hereby appropriated $10,000,000 for the fiscal year ending June 30, 2026. This appropriation shall be used by the department of business and economic affairs to administer grants from the tariff relief for small businesses fund. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated. This appropriation shall not lapse.
2025-2683s
AMENDED ANALYSIS
REPLACE:
16. Reduces certain education trust fund appropriations to the department of education for education freedom accounts.
DELETE:
17. Requires scholarship organizations to accept and approve education freedom account applications on a rolling basis and sets an enrollment cap, excepting out priority guideline students from the cap.
ADD:
263. Requires an annual report on the effect that the tariffs imposed on Canada and the subsequent retaliatory tariffs imposed by Canada on the United States have on New Hampshire; establishes a special fund for tariff relief for small businesses in New Hampshire impacted by the tariffs; and makes an appropriation to the fund.