Revision: Jan. 14, 2025, 3:16 p.m.
HB 530-FN - AS INTRODUCED
2025 SESSION
25-0845
07/05
HOUSE BILL 530-FN
SPONSORS: Rep. LaMontagne, Straf. 17; Rep. Damon, Sull. 8; Rep. Read, Rock. 10
COMMITTEE: Ways and Means
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ANALYSIS
This bill increases the amount of moneys transfered to the affordable housing fund from the real estate transfer tax.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
25-0845
07/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Five
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Taxation; Tax on Transfer of Real Property; Distribution of Funds. 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 $10,000,000 [$5,000,000] 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 upon its passage.
25-0845
12/19/24
HB 530-FN- FISCAL NOTE
AS INTRODUCED
FISCAL IMPACT:
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Estimated State Impact | ||||||
| FY 2025 | FY 2026 | FY 2027 | FY 2028 | ||
Revenue | $0 | Increase of $5,000,000 to Affordable Housing Fund Decrease of ($3,350,000) to General Fund Decrease of ($1,650,000 to Education Trust Fund | ||||
Revenue Fund(s) | General Fund and Education Trust Fund and Affordable Housing Fund | |||||
Expenditures* | $0 | $0 | $0 | $0 | ||
Funding Source(s) | None | |||||
Appropriations* | $0 | $0 | $0 | $0 | ||
Funding Source(s) | None | |||||
*Expenditure = Cost of bill *Appropriation = Authorized funding to cover cost of bill | ||||||
METHODOLOGY:
This bill increases the amount of Real Estate Transfer Tax revenue transferred to the Affordable Housing Fund from $5,000,000 to $10,000,000. As a result of this increased transfer, revenue deposited into the General Fund and Education Trust Fund will decrease by a total of $5,000,000. Approximately 67% of the Real Estate Transfer Tax revenue is deposited into the General Fund and 33% to the Education Trust Fund. Therefore, the decrease to each fund is approximately $3,350,000 to the General Fund and $1,650,000 to the Education Trust Fund.
AGENCIES CONTACTED:
None