This bill proposes an annual reduction of the state education property tax based on the revenue generated from games of chance that exceeds the estimated amount collected in the 2023 fiscal year. Specifically, it amends RSA 76:3 to allow the commissioner of the department of revenue administration to set the education tax rate at a level sufficient to generate $363,000,000, while also accounting for any excess revenue from games of chance as specified in the new section RSA 76:3-a. The new section mandates that the required revenue be reduced by the amount of revenue paid to the education trust fund from games of chance, minus an estimated $6,600,000.

The bill is set to take effect on July 1, 2025, and its fiscal impact is currently indeterminable. It is expected to first affect property taxes assessed on April 1, 2026. The potential impact on state education trust fund revenue and local school district funding remains uncertain, as it depends on whether the revenue from games of chance will exceed the specified threshold in future fiscal years. The bill aims to provide a more flexible approach to funding education by linking property tax rates to the performance of games of chance revenue.

Statutes affected:
Introduced: 502-A:19-b, 597:6-e, 614:8
As Amended by the House: 597:20, 597:2-b, 597:17
As Amended by the House (2nd): 594:20-a, 597:6-e, 597:2, 597:20, 597:2-b, 597:17
As Amended by the Senate: 597:2, 597:20, 597:2-b, 597:17
Version adopted by both bodies: 597:2, 594:20-a, 597:6-e, 597:20, 597:2-b, 597:17
CHAPTERED FINAL VERSION: 597:2, 594:20-a, 597:6-e, 597:20, 597:2-b, 597:17