HB 692-FN-A-LOCAL - AS INTRODUCED
2003 SESSION
09/01
HOUSE BILL 692-FN-A-LOCAL
AN ACT revising the property tax relief program in order to cap education property tax payments at 5 percent of adjusted gross income.
This bill revises the current "low and moderate income homeowners property tax relief" program as the "state education property tax homeowners relief" program. This relief program will be available to any resident homeowner whose state education property tax exceeds 5 percent of adjusted gross income. This bill allows a rebate from education property taxes paid in the amount of the difference between state education property tax paid and 5 percent of adjusted gross income.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03-0882
09/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT revising the property tax relief program in order to cap education property tax payments at 5 percent of adjusted gross income.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Subdivision Heading Amended. The subdivision heading preceding RSA 198:56 is repealed and reenacted to read as follows:
State Education Property Tax Homeowners Relief
2 Definition; Tax Relief. Amend RSA 198:56 to read as follows:
IV. "Tax relief" means the [low and moderate income homeowners] state education property tax homeowners relief provided in this subdivision.
3 Section Heading Amended. The section heading of RSA 198:57 is repealed and reenacted to read as follows:
198:57 State Education Property Tax Homeowners Relief.
4 Eligibility. Amend RSA 198:57, III to read as follows:
III. An eligible tax relief claimant is a person who:
(a) Owns a homestead or interest in a homestead subject to the education property tax;
(b) Resided in such homestead on April 1 of the year for which the claim is made, except such persons as are on active duty in the United States armed forces or are temporarily away from such homestead but maintain the homestead as a primary domicile; and
(c) [Realizes total household income of:
(1) $20,000 or less if a single person;
(2) $40,000 or less if a married person or head of a New Hampshire household] Paid state education property taxes in excess of 5 percent of household income.
5 Calculation of Rebate. RSA 198:57, IV is repealed and reenacted to read as follows:
IV.(a) All or a portion of an eligible tax relief claimant's state education property taxes, RSA 76:3, shall be rebated in the amount equal to the difference between 5 percent of household income and state education property taxes paid.
(b) The amount determined by subparagraph (a) is the allowable tax relief in any year.
6 Reference Change. Amend RSA 21-I:18, I(l) to read as follows:
(l) Purchases of services from private contractors by the department of revenue administration with respect to the administration of [low and moderate income homeowners]state education property tax homeowners relief claims.
7 Effective Date. This act shall take effect July 1, 2003.
LBAO
03-0882
1/28/03
HB 692-FN-A-LOCAL - FISCAL NOTE
AN ACT revising the property tax relief program in order to cap education property tax payments at 5 percent of adjusted gross income.
FISCAL IMPACT:
Due to time constraints, the Office of Legislative Budget Assistant is unable to provide a fiscal note for this bill at this time. When completed, the fiscal note will be forwarded to the House Clerk's Office.