Section 198:46 Excess Education Tax Payment. - New Hampshire Statutes

   I. A municipality in which education property tax revenue collected exceeds the amount necessary to fund the cost of an adequate education in a fiscal year, as determined in RSA 198:40-a, shall collect and remit such excess to the department of revenue administration on or before March 15 of the tax year in which the excess occurs. For fiscal years 2010 and 2011, the version of RSA 198:41, II effective for the fiscal year ending June 30, 2009 shall be used to determine excess.
   II. The commissioner of the department of revenue administration shall collect from the municipality the excess tax and pay the excess tax over to the state treasurer for deposit in the education trust fund established by RSA 198:39.
   III. The amount of such excess to be remitted shall not include any income derived from the investment of funds by the municipal treasurers under RSA 41:29 and RSA 48:16. Any funds remaining after full payment of the excess tax required in paragraph I shall become available for unrestricted use by the municipality.

Source. 1999, 17:41; 162:2; 338:11. 2000, 239:8. 2001, 71:8. 2005, 257:10. 2006, 6:3, eff. Feb. 10, 2006. 2008, 173:15, eff. July 1, 2009; 384:5, eff. July 1, 2009 at 12:01 a.m.