This bill introduces a new section, RSA 79-A:7-a, which provides temporary exemptions from the land use change tax for qualifying housing projects. A "qualifying project" is defined as any project that changes the current use of residential or commercial land and creates a minimum of 20 residential units. To qualify for the exemption, the project must receive approval from a municipal planning board and must not have been approved prior to the effective date of the bill. Additionally, the project must meet specific conditions, including the commencement of active and substantial development within 36 months of approval and compliance with public health regulations and local zoning ordinances.

The bill also grants municipal assessing officials the authority to oversee compliance with the exemption requirements and mandates the Department of Revenue Administration to adopt rules for implementing the provisions of this section. Notably, the new section will be repealed on March 31, 2031, indicating that the exemptions are temporary. The act will take effect 60 days after its passage.

Statutes affected:
Introduced: 79-A:7-a