This bill amends RSA 76:8 to allow municipalities to retain excess statewide education property tax funds for local school and municipal purposes. Specifically, it introduces new provisions stating that any amount collected by a municipality that exceeds the adequacy grant under RSA 198:40-a will remain with the municipality for the benefit of its school district(s). Additionally, the bill requires the commissioner to report to various state officials, including the chairs of the education committees, regarding the education tax warrants for the upcoming tax year.

The bill also includes a minor amendment to the reporting requirements by adding the chairs of the senate and house education committees to the list of recipients who will receive the statement of education tax warrants. The effective date for this act is set for April 1, 2026. Overall, the changes aim to enhance local control over education funding by allowing municipalities to utilize excess tax revenues for their specific educational needs.

Statutes affected:
Introduced: 76:8