HB 1234-FN - AS INTRODUCED
2001 SESSION
09/10
HOUSE BILL 1234-FN
This bill establishes an education property tax cap for certain retired residents.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
01-2005
09/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand One
AN ACT relative to an education property tax cap for retired residents.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Education Property Tax; Cap for Retired Residents. Amend RSA 76:3 to read as follows:
76:3 Education Property Tax.
I. An annual education property tax at the uniform rate of $5.80 on each $1000 of the value of taxable property is hereby imposed on all persons and property taxable pursuant to RSA 72 and RSA 73, except property subject to tax under RSA 82 and RSA 83-F and except as provided in paragraph II.
II.(a) Notwithstanding the provisions of paragraph I, any retired resident of New Hampshire who is either at least 60 years of age or is under 60 years of age, retired from full-time employment due to a medical disability, and has an annual gross income of less than $18,000, may, in each year following such person's retirement, have his or her education property tax payment on a primary residence capped at the amount which such person paid in the year of his or her retirement.
(b) To qualify for the cap, the retired resident shall submit annually on or before March 1 to the department of revenue administration the following:
(1) Proof of age.
(2) Proof of medical disability retirement or retirement from full-time employment.
(3) A copy of the education property tax bill for the tax year during which the resident retired.
(4) For persons retired on a medical disability, a copy of the prior year's federal income tax return.
(c) The commissioner of the department of revenue administration shall adopt rules, pursuant to RSA 541-A, necessary for qualification and implementation of the education property tax cap for retired residents.
2 Effective Date. This act shall take effect July 1, 2002.
LBAO
01-2005
9/17/01
HB 1234-FN - FISCAL NOTE
AN ACT relative to an education property tax cap for retired residents.
FISCAL IMPACT:
The Department of Revenue Administration indicates this bill will reduce state restricted revenues by an indeterminable amount in FY 2003 and each year thereafter. There is no fiscal impact on state, county and local expenditures or county and local revenues.
METHODOLOGY:
The Department did not project the fiscal impact of this bill because DRA does not have sufficient data available to model the projected reduction in statewide property tax revenue based on the tax cap proposed in this bill. The Department further states that this bill does not address how people who retire prior to the inception of the statewide property tax would be treated.