Revision: Jan. 22, 2025, 5:21 p.m.
SB 81-FN - AS INTRODUCED
2025 SESSION
25-0967
07/06
SENATE BILL 81-FN
SPONSORS: Sen. Innis, Dist 7; Sen. Avard, Dist 12; Sen. Watters, Dist 4; Sen. Ward, Dist 8; Sen. Altschiller, Dist 24; Sen. Rosenwald, Dist 13; Sen. McGough, Dist 11; Sen. Pearl, Dist 17; Sen. Perkins Kwoka, Dist 21; Sen. Sullivan, Dist 18; Rep. D. Paige, Carr. 1
COMMITTEE: Commerce
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ANALYSIS
This bill increases the amount of annual real estate transfer tax revenues that are transferred 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
25-0967
07/06
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 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 $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.
I. The sum of $25,000,000 for the biennium ending June 30, 2027 is hereby appropriated to the New Hampshire housing finance authority for deposit in the affordable housing fund established in RSA 204-C:57 for the administration of RSA 204-C. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
3 Repeal. RSA 204-C:59, I, relative to fees paid to the authority from the development of qualified residential rental projects, is repealed.
4 Effective Date. This act shall take effect July 1, 2025.
25-0967
1/1/25
SB 81-FN- FISCAL NOTE
AS INTRODUCED
AN ACT increasing the annual real estate transfer tax revenue contribution to the affordable housing fund.
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, Education Trust Fund and Affordable Housing Fund | ||||
Expenditures* | $0 | $0 | $0 | $0 | |
Funding Source(s) | None | ||||
Appropriations* | $0 | $25,000,000 | $0 | ||
Funding Source(s) | General Fund | ||||
*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.
This bill also appropriates $25,000,000 from the General Fund for the biennium ending June 30, 2027 to the New Hampshire Housing Finance Authority for deposit in the affordable housing fund establish in RSA 204-C:57 for the administration of the New Hampshire Housing Finance Authority (RSA 204-C).
AGENCIES CONTACTED:
None