SB 126-FN-A - AS AMENDED BY THE SENATE
03/17/04 0744s
2003 SESSION
09/10
SENATE BILL 126-FN-A
AN ACT exempting transfers of title between spouses from the real estate transfer tax.
SPONSORS: Sen. Sapareto, Dist 19; Sen. Cohen, Dist 24; Sen. Gallus, Dist 1; Sen. Kenney, Dist 3; Sen. Estabrook, Dist 21; Sen. Odell, Dist 8; Sen. Green, Dist 6; Rep. Dupuis, Rock 77; Rep. Wiley, Rock 77; Rep. Elliott, Hills 42; Rep. Wendelboe, Belk 29
This bill exempts any transfers of title between spouses 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03/17/04 0744s
03-0845
09/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT exempting transfers of title between spouses 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; Exceptions; Transfers of Title Between Spouses. Amend RSA 78-B:2, XIII to read as follows:
XIII. To any transfer of title between spouses, including a transfer of title between spouses pursuant to final decree of divorce or nullity.
2 Effective Date. This act shall take effect July 1, 2005.
LBAO
03-0845
Amended 3/30/04
SB 126 FISCAL NOTE
AN ACT exempting transfers of title between spouses from the real estate transfer tax.
FISCAL IMPACT:
The Department of Revenue Administration states this bill, as amended by the Senate (Amendment #2004-0744s), will decrease state unrestricted general fund, education trust fund, and county revenue by an indeterminable amount in FY 2006 and each year thereafter. There is no fiscal impact on local revenue or state, county and local expenditures.
METHODOLOGY:
The Department states that this bill will exempt all transfers of title between spouses that will decrease real estate transfer tax (RET) revenue. In addition to the decrease in state unrestricted general fund revenue, education trust fund revenue will also decrease since by statute, a portion of RET is deposited in that fund and county revenues will decrease because, also by statute, 4% of RET collections are retained at the county level. The Department also stated this change could be administered without additional funding.