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Bill > HB318


NH HB318

Relative to the percentage of revenue from the business enterprise tax deposited in the education trust fund.


summary

Introduced
01/08/2025
In Committee
02/07/2025
Crossed Over
Passed
Dead

Introduced Session

2025 Regular Session

Bill Summary

This bill increases the percentage of revenue from the business enterprise tax deposited in the education trust fund.

AI Summary

This bill increases the percentage of revenue from the Business Enterprise Tax (BET) deposited into the Education Trust Fund from 41% to 59%, effective July 1, 2025. Specifically, the bill amends the existing law to require the state commissioner to determine 59% (instead of the current 41%) of the BET revenue for each fiscal year and certify this amount to the state treasurer for deposit into the Education Trust Fund. According to the fiscal note, using the FY 2025 planned revenue of $377.7 million, this change would shift approximately $68 million from the General Fund to the Education Trust Fund. The bill's methodology notes that this change may create some complexity in revenue reporting due to the different fund splits between Business Enterprise Tax and Business Profits Tax, potentially requiring future fiscal year adjustments. No additional administrative costs are expected to be incurred by implementing this change.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Inexpedient to Legislate: Motion Adopted DV 340-28 02/20/2025 House Journal 6 P. 22 (on 02/20/2025)

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