New Hampshire HB 1296: relative to the conditions for, and procedures for the adoption of, the elderly tax exemption.

Bill Text

HB 1296 - AS AMENDED BY THE HOUSE

5Feb2026... 0152h

2026 SESSION

 26-2825

 07/08

HOUSE BILL 1296

AN ACT relative to the conditions for, and procedures for the adoption of, the elderly tax exemption.

SPONSORS: Rep. E. Kelly, Merr. 8; Rep. Almy, Graf. 17; Rep. Ames, Ches. 13; Rep. Caplan, Merr. 8; Rep. Cloutier, Sull. 6; Rep. Damon, Sull. 8; Rep. Hakken-Phillips, Graf. 12; Rep. Popovici-Muller, Rock. 17; Rep. Wallner, Merr. 19

COMMITTEE: Municipal and County Government

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ANALYSIS

 This bill raises the income and asset value minimum thresholds for the elderly exemption tax credit.

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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 Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

5Feb2026... 0152h 26-2825

 07/08

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twenty-Six

AN ACT relative to the conditions for, and procedures for the adoption of, the elderly tax exemption.

Be it Enacted by the Senate and House of Representatives in General Court convened:

 1 Taxation; Property Taxes; Conditions for Elderly Exemption. Amend RSA 72:39-a, I(b)-(c) to read as follows: 

 (b) Had in the calendar year preceding said April 1 a net income from all sources, or if married, a combined net income from all sources, of not more than the respective amount applicable to each age group as determined by the city or town for purposes of RSA 72:39-b. Under no circumstances shall the amount determined by the city or town be less than [$13,400] $23,300 for a single person or [$20,400] $35,500 for married persons. The net income shall be determined by deducting from all moneys received, from any source including social security or pension payments, the amount of any of the following or the sum thereof: 

 (1) Life insurance paid on the death of an insured;

 (2) Expenses and costs incurred in the course of conducting a business enterprise;

 (3) Proceeds from the sale of assets.

 (c) Owns, on December 31 in the calendar year preceding said April 1, net assets not in excess of the amount determined by the city or town for purposes of RSA 72:39-b, excluding the value of the person's actual residence and the land upon which it is located up to the greater of 2 acres or the minimum single family residential lot size specified in the local zoning ordinance. The amount determined by the city or town shall not be less than [$35,000] $60,900. A city or town may set a combined net assets amount for married persons in such greater amount as the legislative body of the city or town may determine. "Net assets" means the value of all assets, tangible and intangible, minus the value of any good faith encumbrances. "Residence" means the housing unit, and related structures such as an unattached garage or woodshed, which is the person's principal home, and which the person in good faith regards as home to the exclusion of any other places where the person may temporarily live. "Residence" shall exclude attached dwelling units and unattached structures used or intended for commercial or other nonresidential purposes.

 2 New Paragraph; Taxation; Property Taxes; Conditions for Elderly Exemption. Amend RSA 72:39-a by inserting after paragraph III the following new paragraph: 

 IV. For tax years beginning April 1, 2026, the commissioner shall annually adjust the single person net income, married person net income and net asset threshold amounts, rounding to the nearest $100 based on the 12-month percentage change in the Consumer Price Index for All Urban Consumers, Northeast Region, as published by the Bureau of Labor Statistics, using the amount published for the month of December in the year prior to the start of the tax year. The commissioner shall publish the updated threshold amounts by technical information release not later than March 15 preceding the tax year. The threshold amounts applicable to each municipality shall be those corresponding to the year of their most recent revaluation. 

 3 Taxation; Property Taxes; Procedure for Adoption and Modification of Elderly Exemption. Amend RSA 72:39-b, II to read as follows: 

 II. An elderly exemption, based on assessed value for qualified taxpayers, may be granted for a different dollar amount determined by the town or city, to a person 65 years of age up to 75 years, to a person 75 years of age up to 80 years, and to a person 80 years of age or older. To qualify, the person must have been a New Hampshire resident for at least 3 consecutive years, own the real estate individually or jointly, or if the real estate is owned by such person's spouse, they must have been married to each other for at least 5 consecutive years. In add