Bill > HB739

This bill requires municipalities to remit any excess statewide education property tax to the state for deposit in the education trust fund. Specifically, municipalities must send any excess tax collected to the Department of Revenue Administration by March 15 of the tax year, and the commissioner will then transfer these funds to the state treasurer. The bill clarifies that this excess tax calculation does not include income earned from municipal fund investments, and any remaining funds after the excess tax payment can be used freely by the municipality. The bill modifies existing tax assessment and education funding laws to formalize this process, including updating the warrant issued by the commissioner of revenue administration to direct municipalities to assess and pay the excess funds. The new provisions will take effect on July 1, 2025, and aim to ensure that surplus education property tax is redirected to the state's education trust fund, potentially helping to balance educational funding across different municipalities.

Budget and Finance, Education

https://gc.nh.gov/bill_status/legacy/bs2016/bill_status.aspx?lsr=0778&sy=2025&sortoption=&txtsessionyear=2025&txtbillnumber=HB739