Section 31-A:4 Determination of Amounts Returnable. - New Hampshire Statutes

The state treasurer shall distribute to the cities and towns each year the amount appropriated by the general court according to an equalized formula calculated by taking for each city and town the amount of local property taxes assessed, including current distributions of state revenues to local governments, exclusive of educational funds; dividing that sum by the local equalized valuation as determined by the department of revenue administration; and multiplying the result by the local population to produce an equalizing factor for each city and town. Such equalizing factors shall be added together to produce a total state sum. Each local equalizing factor shall be divided by the total state sum to produce for each city and town a normalized factor. Each such normalized factor shall be multiplied by the total amount to be distributed to the cities and towns to produce the annual share of each city or town. Under no circumstances shall the amount appropriated under this section be less than $47,300,000 annually. Provided, however, that no city or town shall receive under the provisions of this section an amount less than the sum of:
   I. Its 1978 distribution under RSA 31-A plus its share under the equalized formula of an annual increase of 5 percent in the previous year's aggregate distribution, through the year 1981, excluding revenue derived from RSA 77-A:20. The amount of money which is removed from the formula for deposit in the education trust fund shall not affect the remaining municipal revenue sharing distribution. The same amount distributed to each municipality in fiscal year 1998, excluding the amount apportioned to the school district in the 1998 property tax calculations, shall be distributed to each municipality in fiscal year 1999 and each year thereafter until the legislature revises the formula or provides additional appropriations that will affect the distribution amount.
   II. Its 1982 distribution under the interest and dividends tax.
   III. Its 1982 distribution under the savings bank tax.
   IV. [Repealed.]

Source. 1970, 5:16. 1971, 557:73. 1977, 593:6. 1981, 568:122, I. 1983, 469:51. 1993, 352:2, 3, eff. July 1, 1994. 1999, 17:10, eff. April 29, 1999.