Bill Text: NH SB244 | 2020 | Regular Session | Amended
Bill Title: Establishing a commission to study the incentivization of publicly-offered real estate investment trusts in New Hampshire.
Spectrum: Slight Partisan Bill (Democrat 4-2)
Status: (Engrossed - Dead) 2020-09-23 - Died on Table [SB244 Detail]
Download: New_Hampshire-2020-SB244-Amended.html
SB 244-FN - AS AMENDED BY THE SENATE
01/08/2020 0023s
2019 SESSION
19-0971
10/05
SENATE BILL 244-FN
SPONSORS: Sen. Chandley, Dist 11; Sen. Hennessey, Dist 5; Sen. Bradley, Dist 3; Rep. Williams, Hills. 4; Rep. Petrigno, Hills. 23; Rep. Danielson, Hills. 7
COMMITTEE: Ways and Means
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AMENDED ANALYSIS
This bill establishes a statutory commission to study the incentivization of publicly-offered real estate investment trusts in New Hampshire.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
01/08/2020 0023s 19-0971
10/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nineteen
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Commission to Study the Incentivization of Publicly-Offered Real Estate Investment Trusts (REITs) in New Hampshire. Amend RSA 293-B by inserting after section 3 the following new section:
293-B:3-a Commission to Study the Incentivization of Publicly-Offered Real Estate Investment Trusts in New Hampshire.
I. There is established a commission to study the incentivization of publicly-offered real estate investment trusts in New Hampshire.
(a) The members of the commission shall be as follows:
(1) One member of the senate, who shall be a member of the ways and means or commerce committee, appointed by the president of the senate.
(2) Three members of the house of representatives, one of whom shall be a member of the ways and means committee, one of whom shall be a member of the commerce and consumer affairs committee, and one of whom shall be a member of the municipal and county government committee, appointed by the speaker of the house of representatives.
(3) The commissioner of the department of revenue administration, or designee.
(4) The commissioner of the insurance department, or designee.
(5) The commissioner of the department of business and economic affairs, or designee.
(6) The state treasurer, or designee.
(7) The director of the bureau of securities regulation or designee.
(8) A member of the New Hampshire Bar Association with knowledge of trust law, appointed by the president of the association.
(9) The executive director of the New Hampshire housing finance authority, or designee.
(10) An active commercial real estate developer, appointed by the governor.
(11) A member of the public who has extensive real estate knowledge, appointed by the governor.
(b) Legislative members of the commission shall receive mileage at the legislative rate when attending to the duties of the commission.
II. The commission's study shall include, but not be limited to:
(a) Exploring the economic benefits to New Hampshire of establishing a statutory structure for the governance of publicly-offered real estate investment trusts (REITs).
(b) How to incentivize REITs to be domiciled in New Hampshire by recommending a legal framework under which a publicly-offered REIT, or its affiliated entities and subsidiaries, may operate in New Hampshire with legal flexibility if compliant with federal law and regulatory guidelines.
(c) Consideration of exemptions from or reductions of certain fees established for publicly-offered REITs, or their affiliated entities and subsidiaries, for investing some portion of their stakeholder or shareholder capital into a specified benefit corporation to finance residential real estate for working wage renters and home buyers.
III. The commission may solicit input from any person or entity the commission deems relevant to its study.
IV. The members of the commission shall elect a chairperson from among the members. The first meeting of the commission shall be called by the senate member. The first meeting of the commission shall be held within 45 days of the effective date of this section. Seven members of the commission shall constitute a quorum.
V. The commission shall make a report with its findings and any recommendations for proposed legislation on or before July 1, 2021 to the president of the senate, the speaker of the house of representatives, the senate clerk, the house clerk, the governor, and the state library.
2 Repeal. RSA 293-B:3-a, relative to a commission to study the incentivization of publicly-offered real estate investment trusts in New Hampshire, is repealed.
I. Section 2 of this act shall take effect July 1, 2021.
II. The remainder of this act shall take effect upon its passage.
19-0971
1/22/19
SB 244-FN- FISCAL NOTE
AS INTRODUCED
AN ACT relative to taxes applicable to certain real estate investment trusts.
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
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| Estimated Increase / (Decrease) | |||
STATE: | FY 2020 | FY 2021 | FY 2022 | FY 2023 |
Appropriation | $0 | $0 | $0 | $0 |
Revenue | Indeterminable Decrease | Indeterminable Decrease | Indeterminable Decrease | Indeterminable Decrease |
Expenditures | $0 | $0 | $0 | $0 |
Funding Source: | [ X ] General [ X ] Education [ ] Highway [ ] Other | |||
METHODOLOGY:
This bill provides that certain income, distributions and transfers of ownership of publicly offered Real Estate Investment Trusts are exempt from the Interest and Dividends Tax, the Real Estate Transfer Tax, the Business Enterprise Tax and Business Profits Taxes. The Department of Revenue Administration (DRA) states it does not currently capture data on these entities but because the legislation contains additional exemptions and deductions from various taxes, it will likely decrease revenues by an indeterminable amount.
AGENCIES CONTACTED:
Department of Revenue Administration
