This bill amends existing law regarding the allocation of excess statewide education property tax funds. Specifically, it introduces new provisions that allow any excess funds collected by a municipality beyond the adequacy grant under RSA 198:40-a to remain with that municipality for the benefit of its school district or districts. The bill modifies RSA 76:8, II and II-(a) to include this stipulation, ensuring that municipalities can utilize these excess funds for local school and municipal purposes.

Additionally, the bill mandates that when the commissioner issues a warrant for the education tax, they must also report to key state officials, including the governor and legislative leaders, about the education tax warrants for the upcoming tax year. The effective date for this act is set for April 1, 2026. Overall, the bill aims to enhance local control over education funding by allowing municipalities to retain and allocate excess tax revenues for their educational needs.

Statutes affected:
Introduced: 76:8