Bill
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
01/08/2025
In Committee
02/07/2025
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)
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://gc.nh.gov/bill_status/legacy/bs2016/bill_status.aspx?lsr=0515&sy=2025&sortoption=&txtsessionyear=2025&txtbillnumber=HB318 |
BillText | https://gc.nh.gov/bill_status/legacy/bs2016/billText.aspx?sy=2025&id=522&txtFormat=html |
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