This bill mandates that all revenue generated from the statewide education property tax be deposited into the education trust fund, establishing a uniform statewide tax rate. Specifically, it amends RSA 76:8, II to require that the amount collected from the education tax be transmitted to the state treasurer for deposit in the education trust fund, rather than being paid to municipalities for school district use. Additionally, the bill modifies RSA 76:3 to set the education tax rate at $5.00 per $1,000 of property valuation, effective from July 1, 2025, instead of the previous revenue target of $363,000,000.

Furthermore, the bill repeals RSA 198:41, I(b), which pertains to the determination of education grants. The effective date for these changes is set for July 1, 2025. The fiscal impact of the bill is currently undetermined, as the Office of Legislative Budget Assistant is awaiting further information from the Department of Education and the Department of Revenue Administration to complete a fiscal note.

Statutes affected:
Introduced: 76:8, 76:3, 198:41
HB669 text: 76:8, 76:3