HB 1462-FN-A-LOCAL - AS AMENDED BY THE SENATE
4/16/02 3485s
2002 SESSION
10/09
HOUSE BILL 1462-FN-A-LOCAL
AN ACT establishing a committee to study the repeal of the statewide education property tax.
SPONSORS: Rep. Norelli, Rock 31; Rep. Leone, Sull 2; Rep. Spiess, Hills 14; Rep. M. Fuller Clark, Rock 36; Rep. Langley, Rock 24; Sen. Hollingworth, Dist 23; Sen. Johnson, Dist 3; Sen. Below, Dist 5; Sen. Gordon, Dist 2; Sen. Cohen, Dist 24
This bill establishes a committee to study the repeal of the statewide education property 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
4/16/02 3485s
02-2457
10/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Two
AN ACT establishing a committee to study the repeal of the statewide education property tax.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Committee Established. There is established a committee to study the repeal of the statewide education property tax.
2 Membership and Compensation.
I. The members of the committee shall be as follows:
(a) Three members of the senate, appointed by the president of the senate.
(b) Three members of the house of representatives, appointed by the speaker of the house.
II. Members of the committee shall receive mileage at the legislative rate when attending to the duties of the committee.
3 Duties. The committee shall:
I. Study the effects of a repeal of the statewide education property tax under RSA 76:3.
II. Conduct an examination of alternative revenue streams in the event of the repeal of the statewide education property tax.
4 Chairperson; Quorum. The members of the study committee shall elect a chairperson from among the members. The first meeting of the committee shall be called by the first-named senate member. The first meeting of the committee shall be held within 45 days of the effective date of this section. Four members of the committee shall constitute a quorum.
5 Report. The committee shall report its findings and any recommendations for proposed legislation to the senate president, the speaker of the house of representatives, the senate clerk, the house clerk, the governor, and the state library on or before December 1, 2002.
6 Effective Date. This act shall take effect upon its passage.
LBAO
02-2457
Revised 2/26/02
HB 1462 FISCAL NOTE
AN ACT establishing a committee to study the repeal of the statewide education property tax.
FISCAL IMPACT:
The Department of Revenue Administration indicates this bill will decrease state education trust fund revenue by $485,725,000, and will decrease state education trust fund expenditures by $6,000,000 in FY 2005 and each year thereafter. There will be no fiscal impact to county and local revenue or expenditures.
METHODOLOGY:
The Department estimated the decrease in revenue resulting from the repeal of the statewide property tax using the tax rate and equalized valuation in effect for FY 2003. The Department made no provision for growth in the equalized valuation.
The Department estimated the decrease in expenditures resulting from the repeal of the homeowners' property tax relief statutes using an estimate based on FY 2003.