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HB 1632 (2020)

Property, business, and real estate transfer tax incentives for workforce housing

Summary:

Permits municipal economic development and revitalization districts to be used to increase workforce housing and other residential development within the municipality. This bill also doubles the community revitalization tax relief incentive period for eligible housing projects, establishes a business profits tax deduction for income derived from qualifying housing development, and temporarily reduces the rate of the Real Estate Transfer Tax (RETT) for first-time home buyers from $0.75 to $0.50 per $100. The bill also establishes a voluntary "New Hampshire housing champion certification program" for municipalities that would enable those municipalities to access some business tax revenue and participate in a bond program for economic development.

Bill Became Law?:
No
Status Detail:
Died due to Inactivity
Bill Sponsor:
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