This bill amends the funding structure for the Division of Travel and Tourism by modifying the calculation of the Meals and Rooms Tax (M&R) revenue used to determine its budget. Specifically, it introduces new language that adds the income identified under RSA 78-A:26, III to the existing calculation, which previously only considered the net income identified by RSA 78-A:26, I. The budget for the division will continue to be funded at a minimum of 3.15 percent of this adjusted net income, which now includes the transfer to the Municipal Revenue Fund, thereby increasing the potential funding available for the division.

The fiscal impact of this bill is projected to be neutral in the short term, as it does not authorize new funding or positions. However, the adjustment in the calculation could lead to a significant increase in revenue for the Division of Travel and Tourism, with estimates suggesting an increase from $10.2 million to $14.3 million when accounting for the Municipal Revenue Fund transfer. The bill is set to take effect 60 days after passage, but its financial implications are expected to be realized in the FY 2028-2029 operating budget, as it will not impact the current fiscal year.

Statutes affected:
Introduced: 12-O:11-b