Budget & Taxes (Sales Tax)

SB 652 limits how much excess tax paid by businesses can be applied as a credit toward future taxes. It caps the credit amount at decreasing percentages of the business's tax owed - starting at 500% for 2022-2029 tax periods, then gradually reducing to 150% by 2041. Any overpayment exceeding these caps must be refunded, not applied as a credit. This directly affects businesses that pay more in business profits tax than owed, changing how they handle excess payments.

HB 1144 increases the excavation tax rate from $0.02 to $0.04 per cubic yard of earth excavated. This change directly affects property owners who excavate earth, as defined in state law, requiring them to pay double the current tax rate on excavation activities. The bill takes effect July 1, 2027, with no immediate fiscal impact for local governments until fiscal year 2030. Based on 2024 excavation volumes (12.1 million cubic yards statewide), this rate change would approximately double annual tax revenue - adding an estimated $242,000 statewide if applied to similar excavation volumes.

HB 1691 (New Hampshire) limits eligibility for property tax assessments based on current agricultural or conservation use. It restricts qualifying land to 40 acres per lot in semi-rural zones, 10 acres in developed zones with conservation land requirements, and prohibits clear-cutting or invasive species. Municipalities must cap current use approvals at 75% of rural zones and 5% of high-density zones, while requiring sustainable practices like invasive species management and limiting chemical use. Violations trigger retroactive tax payments using "best and highest use" rates from the last compliance date. This affects landowners currently enrolled in New Hampshire's current use tax program.