This bill proposes an amendment to the distribution of revenue from the Business Enterprise Tax (BET) by increasing the percentage deposited into the Education Trust Fund from 41 59 percent. The commissioner will be responsible for determining the revenue produced by the BET for each fiscal year and certifying these amounts to the state treasurer by October 1 for deposit into the Education Trust Fund established by RSA 198:39. The bill is set to take effect on July 1, 2025. The fiscal impact of this change is expected to result in a decrease in General Fund revenue and a corresponding increase in Education Trust Fund revenue, estimated at $68 million based on the FY 2025 plan revenue of $377.7 million. While the total BET revenue collected will remain unchanged, the reallocation of funds may lead to discrepancies in revenue reporting between the two funds due to the differing splits. The Department of Revenue Administration has indicated that the bill will not incur additional administrative costs that cannot be absorbed within existing resources.

Statutes affected:
Introduced: 77-E:14