This bill requires municipalities to remit any excess statewide education property tax to the state for deposit in the education trust fund. The excess tax must be remitted to the Department of Revenue Administration by March 15 of the tax year in which the excess occurs. The commissioner of the department will collect the excess tax from the municipality and pay it to the state treasurer for deposit in the education trust fund. The amount of the excess tax to be remitted does not include any income derived from the investment of funds by the municipal treasurers. Any funds remaining after full payment of the excess tax become available for unrestricted use by the municipality. The bill also requires the commissioner to approve and provide forms for reporting and remitting the excess statewide education property tax by the municipalities.

The bill also amends RSA 198:41 to subtract the amount of the education tax warrant to be issued by the commissioner of revenue administration for the next tax year, not including the amount of the education tax payment remitted back to the department of revenue administration under RSA 198:47-a. It also amends RSA 76:8 to direct the selectmen or assessors of each municipality to assess and pay the amount of the excess statewide education property tax payment to the department of revenue administration for deposit in the education trust fund. The bill also amends RSA 198:39 to include funds collected and paid over to the state treasurer by the department of revenue administration pursuant to RSA 198:47-a in the education trust fund. The bill takes effect on July 1, 2024.

Statutes affected:
Introduced: 198:41, 76:8, 198:39