Bill > SB602

This bill, known as the "Protect Our Money Act," requires the commissioner of the Department of Administrative Services (DAS) to take specific actions if the federal government withholds previously authorized federal aid through an executive order or by violating a court order. The commissioner must first determine the approximate amount of federal aid being withheld, then submit a detailed report to key legislative and executive officials within 60 days, describing the withheld aid and identifying all moneys the state is required to pay to the federal government in the next 12 months. Based on this assessment, the commissioner is authorized to withhold an equivalent amount of state payments to the federal government, not exceeding the amount of suspended federal aid. The bill allows for these withheld funds to be released to the federal government only after the state receives the previously withheld federal aid. While the bill aims to protect state interests, the fiscal note suggests potential risks, including possible IRS penalties and complications with the federal Treasury Offset Program that could jeopardize the state's future federal funding and cash flow.

Budget and Finance

https://gc.nh.gov/bill_Status/billinfo.aspx?id=1436&inflect=2