HB 1120-LOCAL - AS INTRODUCED
2000 SESSION
HOUSE BILL 1120-LOCAL
AN ACT relative to the definition of net assets in the elderly exemption to property taxes.
SPONSORS: Rep. Beaulieu, Rock 11; Rep. Hamel, Rock 10
COMMITTEE: Municipal and County Government
This bill defines net assets to exclude the retirement savings of a person granted an elderly property tax exemption.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
00-2082
10/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand
AN ACT relative to the definition of net assets in the elderly exemption to property taxes.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Conditions for the Elderly Exemption; Retirement Savings Not Net Assets. Amend RSA 72:39-a, I(c) to read as follows:
(c) Owns net assets not in excess of the amount determined by the city or town for purposes of RSA 72:39-b, excluding the value of the person's actual residence and the land upon which it is located up to the greater of 2 acres or the minimum single family residential lot size specified in the local zoning ordinance. The amount determined by the city or town shall not be less than $35,000. "Net assets" means the value of all assets, tangible and intangible, minus the value of any good faith encumbrances. Retirement savings held in individual retirement accounts or other qualified pension plans shall not be considered an asset, provided that all income derived from such savings or plan is includable as income for the applicant. "Residence" means the housing unit, and related structures such as an unattached garage or woodshed, which is the person's principal home, and which the person in good faith regards as home to the exclusion of any other places where the person may temporarily live. "Residence" shall exclude attached dwelling units and unattached structures used or intended for commercial or other nonresidential purposes.
2 Effective Date. This act shall take effect April 1, 2000.