SB 454-FN - AS INTRODUCED
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
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, 2024.
24-3023
11/29/23
SB 454-FN- FISCAL NOTE
AS INTRODUCED
AN ACT increasing the annual real estate transfer tax revenue contribution to the affordable housing fund.
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
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Estimated State Impact - Increase / (Decrease) | ||||||
| FY 2024 | FY 2025 | FY 2026 | FY 2027 | ||
Revenue | $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 | ($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, 2024. This bill will essentially 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