Many residents overburdened by property taxes will see a net tax cut. Exemptions increase annually with inflation. All social security income, pensions in lieu of social security, and capital gains on timber sales subject to the timber yield tax are excluded from NH taxable income. Preserves NH s No Sales Tax advantage.
Renters receive a comparable credit against their income tax liability.
A portion of auto rental tax is dedicated to funding increased tourism promotion. Another portion of the real estate transfer tax is dedicated to the property tax circuit breaker on all property taxes. This improves equity between students and taxpayers and removes a possible constitutional challenge. Adjusts the base cost per pupil every year, rather than fixing it for 2 years straight as the current law does, smoothing the impact on local school property tax rates which will otherwise jump up and down in alternate years. Funds more costs to administer the property tax including improved standards.