HB1346: relative to income qualification in the elderly property tax exemption.

HB 1346 - AS INTRODUCED

2003 SESSION

03-2005

10/01

HOUSE BILL 1346

AN ACT relative to income qualification in the elderly property tax exemption.

SPONSORS: Rep. Putnam, Rock 79

COMMITTEE: Municipal and County Government

ANALYSIS

This bill changes the income used for eligibility of an elderly person to receive the elderly property tax exemption from a net income to a 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

03-2005

10/01

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Three

AN ACT relative to income qualification in the elderly property tax exemption.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Condition for the Elderly Exemption; Gross income. Amend RSA 72:39-a, I(b) to read as follows:

(b) Had in the calendar year preceding said April 1 a [net] gross income from all sources, or if married, a combined [net] gross income from all sources, of not more than the respective amount determined by the city or town for purposes of RSA 72:39-b. Under no circumstances shall the amount determined by the city or town be less than $13,400 for a single person or $20,400 for married persons. The [net] gross income shall be determined by deducting from all [moneys received, from any source including social security or pension payments] federally reported income, only the amount of any of the following or the sum thereof:

(1) Life insurance paid on the death of an insured;

(2) Expenses and costs incurred in the course of conducting a business enterprise;

(3) Proceeds from the sale of assets.

2 Reference Changed; Procedure for Adoption. Amend RSA 72:39-b, I(c) to read as follows:

(c) The wording of the question shall be: "Shall we modify the elderly exemptions from property tax in the town (city) of , based on assessed value, for qualified taxpayers, to be as follows: for a person 65 years of age up to 75 years, (here insert dollar amount); for a person 75 years of age up to 80 years, (here insert dollar amount); for a person 80 years of age or older (here insert dollar amount). To qualify, the person must have been a New Hampshire resident for at least 5 years, own the real estate individually or jointly, or if the real estate is owned by such person's spouse, they must have been married for at least 5 years. In addition, the taxpayer must have a [net] gross income of not more than (here insert a dollar amount not less than $13,400) or, if married, a combined [net] gross income of less than (here insert a dollar amount not less than $20,400); and own net assets not in excess of (here insert a dollar amount not less than $35,000 excluding the value of the person's residence)." Under no circumstances shall the amounts of the exemption for any age category be less than $5,000.

3 Effective Date. This act shall take effect April 1, 2004.