HB 1306-FN-LOCAL - AS INTRODUCED
2001 SESSION
09/01
HOUSE BILL 1306-FN-LOCAL
AN ACT increasing the county's portion of fees collected from the real estate transfer tax.
SPONSORS: Rep. Cloutier, Sull 8; Rep. Gilmore, Straf 11; Rep. Dokmo, Hills 14
COMMITTEE: Municipal and County Government
This bill increases the fee collected by the county from the real estate transfer tax.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
01-2152
09/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand One
AN ACT increasing the county's portion of fees collected from the real estate transfer tax.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Real Estate Transfer Tax; County Fees. Amend RSA 78-B:8, I to read as follows:
I. This chapter shall be administered by the commissioner of revenue administration. The commissioner may adopt rules, pursuant to RSA 541-A, relative to the administration of this chapter. The commissioner shall recommend the amount of bond for each register of deeds. The cost of such bond shall be paid by the state as an expense of administering this chapter. Each register of deeds, or county if the register of deeds is on a salary basis, shall be paid for his or her services [4] 6 percent of the face value of the stamps or other approved indicia of payment of the tax sold in his or her registry. Such payment for services shall be made prior to remitting all taxes collected, and shall be deducted from the remittance made in paragraph II. A sum sufficient to pay each register of deeds for his or her services pursuant to this section is hereby continually appropriated. The governor is authorized to draw [his] a warrant for the payment thereof out of any funds in the treasury not otherwise appropriated.
2 Effective Date. This act shall take effect July 1, 2002.
LBAO
01-2152
9/5/01
HB 1306-FN-LOCAL - FISCAL NOTE
AN ACT increasing the county's portion of fees collected from the real estate transfer tax.
FISCAL IMPACT:
The Department of Revenue Administration indicates this bill will decrease state unrestricted and restricted revenue and increase county revenue by $2,228,000 in FY 2003 and by $2,296,000 in FY 2004. There is no fiscal impact on state, county and local expenditures or local revenue.
METHODOLOGY:
The Department used budget totals for the Real Estate Transfer Tax, $99.5 million (FY 2002) and $102.5 million (FY 2003), to project the state revenue decrease and corresponding county revenue increase by changing the 4% fee paid to counties for processing real estate transfer tax collections to 6%. The difference, $2,228,000 in FY 2002 and $2,296,000 in FY 2003, would increase county revenue by that amount but reduce state unrestricted revenue by 67%, or $1,493,000 in FY 2002 and $1,538,000 in FY 2003, and reduce the state restricted Education Trust Fund by 33%, or $735,000 in FY 2002 and $758,000 in FY 2003.