HB 685-FN-A-LOCAL - AS INTRODUCED
2003 SESSION
09/10
HOUSE BILL 685-FN-A-LOCAL
AN ACT exempting transfers of real property with conservation, preservation, or development restrictions from the real estate transfer tax.
This bill exempts transfers of real property with conservation, preservation, or development restrictions 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03-0787
09/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT exempting transfers of real property with conservation, preservation, or development restrictions from the real estate transfer tax.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Real Estate Transfer Tax; Exemption for Open Space Land. Amend RSA 78-B:2 by inserting after paragraph XVIII the following new paragraph:
XIX. To a transfer of title or interest in real property subject to conservation, preservation, or development restrictions when, after the transfer, the real property subject to transfer is classified as open space land, as defined in RSA 79-A:2, IX.
2 Effective Date. This act shall take effect July 1, 2003.
LBAO
03-0787
Revised 2/7/03
HB 685 FISCAL NOTE
AN ACT exempting transfers of real property with conservation, preservation, or development restrictions from the real estate transfer tax.
FISCAL IMPACT:
The Department of Revenue Administration indicates this bill will decrease state unrestricted general fund revenues by an indeterminable amount in FY 2004 and each year thereafter. There is no fiscal impact on state, county and local expenditures or county and local revenues.
METHODOLOGY:
The Department states that the language in this bill is broad and may not be limited to conservation restrictions. The Department cannot estimate how many parcels of property that meet the criteria in this bill will be sold or the corresponding selling price. Therefor, the Department states that the fiscal impact of this tax change will decrease the Real Estate Transfer Tax by an amount that is indeterminable.