This bill proposes an increase in the annual transfer of funds from the real estate transfer tax to the affordable housing fund. Specifically, it amends RSA 78-B:13, III to change the amount transferred from $5,000,000 to $10,000,000. The transfer is to be directed by the commissioner to the affordable housing fund established in RSA 204-C:57, with the effective date of the act being upon its passage. The fiscal impact of this bill indicates that the increase in the transfer to the affordable housing fund will result in a total decrease of $5,000,000 in revenue for the General Fund and the Education Trust Fund. The estimated reductions are approximately $3,350,000 for the General Fund and $1,650,000 for the Education Trust Fund, as about 67% of the real estate transfer tax revenue goes to the General Fund and 33% to the Education Trust Fund.

Statutes affected:
Introduced: 78-B:13