This bill reduces the meals and rooms tax rate for taxable meals from 8.5 percent to 7.5 percent. It also sets a minimum amount of revenue that must be apportioned to towns. The bill amends RSA 78-A:6, II to change the tax rate on taxable meals from 8.5 percent to 7.5 percent. It also amends RSA 78-A:26, III to require that 30 percent or $129,200,000, whichever is greater, of the net income from the meals and rooms tax be deposited into the meals and rooms municipal revenue fund for distribution to towns and cities. The amount distributed to each town or city will be determined by its population relative to the population of the state. The bill takes effect on July 1, 2024.

Statutes affected:
Introduced: 78-A:6, 78-A:26