This bill, titled "The Repeal the Tariff Tax on Small Businesses Act," aims to establish a Small Business Tariff Stabilization Fund to support small businesses in New Hampshire facing economic hardships due to tariffs, supply chain disruptions, decreased tourism, and reduced export activity. The fund will be kept separate from other funds and will be continually appropriated to the Department of Business and Economic Affairs (BEA) for the purpose of providing stabilization grants. The bill includes a new subparagraph in RSA 6:12, I(b) to allocate moneys to this fund and introduces a new section, RSA 12-O:23-b, detailing the fund's purpose and the criteria for grant distribution.

Additionally, the bill appropriates $2,500,000 from the General Fund to the BEA for the fiscal year ending June 30, 2026, to capitalize the Small Business Tariff Stabilization Fund, although the fund will not officially exist until January 1, 2027. The BEA will have the authority to accept additional funds through gifts, grants, and donations, which will also be deposited into the fund. The bill does not authorize any new positions for the BEA to manage the program, and the fiscal impact of implementing the grant program remains indeterminable.

Statutes affected:
Introduced: 6:12
SB638 text: 6:12