Bill > HB1800

This bill modifies the statewide education property tax (SWEPT) system in New Hampshire, making several significant changes. Beginning July 1, 2027, the bill sets the education tax rate at $5 per $1,000 of local real property tax valuation, replacing the previous fixed revenue target of $363 million. The bill introduces new tax credits against the education property tax, including a 20% credit for primary residences, a 10% credit for households without children in public schools, and a 10% credit for residents over 65. It also changes how education property taxes are distributed, requiring the Department of Revenue Administration to collect the taxes and then remit them to municipalities for their local school districts. The bill renames the "Cost of an Adequate Education" to "Excellence in Education Grant" and establishes new funding calculations, providing $10,000 per enrolled student and an additional $4,000 per student qualifying for free or reduced-price meals, with this amount to increase by 2% annually. Additionally, the legislation repeals statutes related to extraordinary need grants and establishes a periodic review process for educational resource elements. The bill aims to modify the state's approach to education funding, providing more flexibility and potentially increasing overall education funding through a new tax and grant structure.

Budget and Finance

https://gc.nh.gov/bill_Status/billinfo.aspx?id=2434&inflect=2