HB 843-FN – AS INTRODUCED
2007 SESSION
09/10
HOUSE BILL 843-FN
AN ACT requiring excess revenue stabilization reserve account funds to be used to make payments to all homeowners of primary residences in this state.
SPONSORS: Rep. Renzullo, Hills 27; Rep. L. Ober, Hills 27; Rep. Hopfgarten, Rock 5; Rep. Ulery, Hills 27
This bill requires excess revenue stabilization reserve account funds to be used to make equal payments to all homeowners of primary residences in this state to provide an incentive for continued homeownership in the future.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
07-0968
09/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
AN ACT requiring excess revenue stabilization reserve account funds to be used to make payments to all homeowners of primary residences in this state.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Excess Revenue Stabilization Reserve Account Funds; Home Ownership Incentive. Amend RSA 9:13-e, V to read as follows:
V.(a) If, after the requirements of paragraphs II-IV have been met and the balance remaining in the revenue stabilization reserve account is in excess of an amount equal to 10 percent of the actual general fund unrestricted revenues for the most recently completed fiscal year, then such excess shall be transferred, without further action, to the [general fund surplus] home ownership incentive account established in subparagraph (b).
(b) There is established in the office of the state treasurer a homeownership incentive account, which shall be continually appropriated to the department of revenue administration. Any moneys transferred into this account shall, at the end of a fiscal biennium, be used by the department to make equal payments to the homeowner of each primary residence in the state, in order to provide an incentive for continued home ownership in the future. Multiple owners of one primary residence shall count as one homeowner for purposes of this subparagraph. Payments shall be mailed by the department to each homeowner on or before October 1 of any year in which a transfer is made into the home ownership incentive account pursuant to subparagraph (a).
2 Special Fund. Amend 6:12, I(b) by inserting after subparagraph (252) the following new subparagraph:
(253) Moneys transferred to the homeownership incentive account, established in RSA 9:13-e, V(b).
3 Effective Date. This act shall take effect July 1, 2007.
LBAO
07-0968
Revised 02/12/07
HB 843 FISCAL NOTE
AN ACT requiring excess revenue stabilization reserve account funds to be used to make payments to all homeowners of primary residences in this state.
FISCAL IMPACT:
The Department of Revenue Administration states this bill may increase state restricted revenue and expenditures by an indeterminable amount in FY 2009 and each year thereafter. There will be no fiscal impact on local and county revenue or expenditures.
METHODOLOGY:
The Department of Revenue Administration (DRA) states this bill requires excess revenue stabilization reserve account funds to be used to make equal payments to all homeowners of primary residences. The excess revenue stabilization reserve occurs at the end of each biennium when the revenue stabilization reserve account is in excess of an amount equal to 10% of the actual general fund unrestricted revenue for the most recently completed fiscal year. This bill requires that this excess is then transferred to the homeownership incentive account established in the bill. The DRA states the increase in restricted revenue is indeterminable because the Department cannot determine when or how much excess revenue will exist to transfer into the homeownership incentive account. DRA further states that the increase in state restricted expenditures is also indeterminable since the amount to distribute is unknown. DRA also indicates the meaning of the phrase “homeowner of each primary residence in the state” must be clarified to allow the Department to administer the program. DRA states additional indeterminable administrative expenses will be required to verify and mail the homeowner payments identified in the bill.