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 1400 allows property owners to opt out of funding locally adopted property tax credits or exemptions by submitting form PA-29 annually by April 15th. It directly affects property owners who pay local property taxes but do not currently receive any local tax credits or exemptions. The key provision requires annual submission of the form to stop contributing to these programs, with the exception that those already receiving benefits cannot opt out. This creates a straightforward mechanism for property owners to decline funding local tax programs without needing to alter their existing tax status. The bill takes effect 60 days after enactment.

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.

HB 1707 imposes an additional tax on properties left unoccupied for six or more months annually or used as short-term rentals for that period, requiring owners to pay the full local property taxes owed. It also creates a one-time exemption from the real estate transfer tax for first-time homebuyers with household incomes at or below 100% of the HUD-defined median for their area, who do not own other property. The tax applies to property owners, while the exemption directly benefits qualifying low- and moderate-income homebuyers. The bill takes effect April 1, 2027, with a $300,000 estimated one-time implementation cost.