Revision: Feb. 11, 2025, 2:17 p.m.
HB 669-FN-A - AS INTRODUCED
2025 SESSION
25-0341
02/06
HOUSE BILL 669-FN-A
SPONSORS: Rep. M. Smith, Straf. 10; Rep. Cloutier, Sull. 6; Rep. Girard, Sull. 6; Rep. Wheeler, Hills. 33
COMMITTEE: Ways and Means
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ANALYSIS
This bill requires all revenue raised from the statewide education property tax to be deposited in the education trust fund and sets an equalized statewide tax rate.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
25-0341
02/06
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 Assessment of Education Tax; Commissioner's Warrant. Amend RSA 76:8, II to read as follows:
II. The commissioner shall issue a warrant under the commissioner's hand and official seal for the amount computed in paragraph I to the selectmen or assessors of each municipality by December 15 directing them to assess such sum and [pay it to the municipality for the use of the school district or districts] transmit the amount collected to the state treasurer for deposit in the education trust fund created pursuant to RSA 198:39. Such sums shall be assessed at such times as may be prescribed for other taxes assessed by such selectmen or assessors of the municipality.
2 Education Tax. Amend RSA 76:3 to read as follows:
76:3 Education Tax. Beginning July 1, [2005,] 2025, and every fiscal year thereafter, the commissioner of the department of revenue administration shall set the education tax rate at [a level sufficient to generate revenue of $363,000,000] a rate of $5.00 per $1,000 of property valuation when imposed on all persons and property taxable pursuant to RSA 76:8, except property subject to tax under RSA 82 and RSA 83-F. The education property tax rate shall be effective for the following fiscal year. [The rate shall be set to the nearest 1/2 cent necessary to generate the revenue required in this section.]
3 Repeal. RSA 198:41, I(b), relative to determination of education grants, is repealed.
4 Effective Date. This act shall take effect July 1, 2025.
25-0341
Revised 2/11/25
HB 669-FN-A- FISCAL NOTE
AS INTRODUCED
FISCAL IMPACT: This bill does not provide funding.
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Estimated State Impact | ||||||
| FY 2025 | FY 2026 | FY 2027 | FY 2028 | ||
Revenue | $0 | $1.26 Billion Increase | Indeterminable Increase - Similar Magnitude to FY 2026 | |||
Revenue Fund(s) | Education Trust Fund | |||||
Expenditures* | $0 | $28.6 Million Decrease | Indeterminable Decrease - Similar Magnitude to FY 2026 | |||
Funding Source(s) | Education Trust Fund | |||||
Appropriations* | $0 | $0 | $0 | $0 | ||
Funding Source(s) | None | |||||
*Expenditure = Cost of bill *Appropriation = Authorized funding to cover cost of bill | ||||||
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Estimated Political Subdivision Impact | ||||||
| FY 2025 | FY 2026 | FY 2027 | FY 2028 | ||
Local Revenue | $0 | $28.6 Million Decrease | Indeterminable Decrease - Similar Magnitude to FY 2026 | |||
Local Expenditures | $0 | $0 | $0 | $0 | ||
METHODOLOGY:
This bill, effective July 1, 2025 (FY 2026):
Based on FY 2026 preliminary data (published November 15, 2024), this bill would have the following impact on state revenue and expenditures, and local school district revenue:
The Treasury Department has indicated this bill will have no impact on its budget.
AGENCIES CONTACTED:
Department of Education, Department of Revenue Administration, and Treasury Department