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HB1478: reducing the rate on the tax on transfer of real property.
Bill details
Version history, amendments, and roll-call votes were not present in the imported local bill data.
Sponsors
- Brian Chirichiello House · Rock 6
- Bart Fromuth House · Hills 7
- Werner Horn House · Merr 2
- Steven Smith House · Sull 11
- Michael Moffett House · Merr 9
- Al Baldasaro House · Rock 5
- Sean Morrison House · Rock 9
- Dave Testerman House · Merr 2
- Howard Pearl House · Merr 26
- Peter Torosian House · Rock 14
Topics
Official links
HB 1478-FN-A - AS INTRODUCED
2018 SESSION
18-2444
10/03
HOUSE BILL 1478-FN-A
AN ACT reducing the rate on the tax on transfer of real property.
ANALYSIS
This bill reduces the rate of the tax paid on a transfer of real property.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
18-2444
10/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eighteen
AN ACT reducing the rate on the tax on transfer of real property.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Tax on Transfers of Real Property; Rate Reduced. Amend RSA 78-B:1, I(b) to read as follows:
(b) The rate of the tax is [$.75] $.65 per $100, or fractional part thereof, of the price or consideration for such sale, grant, or transfer; except that where the price or consideration is $4,000 or less there shall be a minimum tax of $20. The tax imposed shall be computed to the nearest whole dollar.
2 Effective Date. This act shall take effect July 1, 2018.
LBAO
18-2444
10/30/17
HB 1478-FN-A- FISCAL NOTE
AS INTRODUCED
AN ACT reducing the rate on the tax on transfer of real property.
FISCAL IMPACT: [ X ] State [ X ] County [ ] Local [ ] None
Estimated Increase / (Decrease)
STATE:
FY 2019
FY 2020
FY 2021
FY 2022
Appropriation
$0
$0
$0
$0
Revenue
($18,534,435)
($18,534,435)
($18,534,435)
($18,534,435)
Expenditures
$0
$0
$0
$0
Funding Source:
[ X ] General [ X ] Education [ ] Highway [ ] Other
COUNTY:
Revenue
($762,848)
($762,848)
($762,848)
($762,848)
Expenditures
$0
$0
$0
$0
METHODOLOGY:
This bill reduces the tax on transfers of real property by reducing the rate of the Real Estate Transfer Tax from $0.75 per $100 to $0.65 per $100. Using FY 2017 data, the sales price calculated from Real Estate Transfer Tax transactions occurring at $1.50 per $100 ($0.75 per $100 for purchaser and $0.75 per $100 for seller) totaled $9,648,648,142 for Real Estate Transfer Tax paid of $144,729,709 ($1,695,563 of this amount was holding company activity). Applying the proposed rate of $1.30 per $100 ($0.65 per $100 for purchaser and $0.65 per $100 for seller) to the FY 2017 transactions would have resulted in $125,432,426 ($1,695,563 of this amount was holding company activity) of Real Estate Transfer Tax paid, a decrease of $19,297,283 ($226,075 of this amount was holding company activity). Counties collect a 4 percent commission rate on Real Estate Transfer Tax paid. The estimated loss of county revenue from this bill would be $762,848 (($19,297,283 less $226,075 of holding company activity) * 4 percent) and the estimated decrease in General Fund and Education Trust Fund revenue would equal $18,534,435 ($19,297,283 - $762,848).
AGENCIES CONTACTED:
Department of Revenue Administration