HB 1652-FN-A – AS AMENDED BY THE HOUSE
29Mar2012… 1438h
2012 SESSION
09/01
HOUSE BILL 1652-FN-A
AN ACT requiring the transfer of insurance premium tax revenue to the department of health and human services and the revenue stabilization reserve account.
SPONSORS: Rep. K. Murphy, Hills 18
This bill requires the transfer of insurance premium tax revenue in an amount equal to the amount of the surplus for fiscal year 2011 to the department of health and human services and the revenue stabilization reserve account.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
29Mar2012… 1438h
12-2856
09/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twelve
AN ACT requiring the transfer of insurance premium tax revenue to the department of health and human services and the revenue stabilization reserve account.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Transfer of Insurance Premium Tax Revenue to Department of Health and Human Services and Revenue Stabilization Reserve Account. Notwithstanding the provisions of RSA 9:13-e and RSA 400-A:32, on April 1, 2012, the state treasurer shall transfer revenue received from the insurance premium tax pursuant to RSA 400-A:32 in an amount equal to any surplus for the fiscal year ending June 30, 2011, as determined by the official audit performed pursuant to RSA 21-I:8, II(a), as follows:
I. $1,500,000 shall be transferred to the department of health and human services for the purpose of providing services to the developmentally disabled.
II. The remainder shall be transferred to the revenue stabilization reserve account, established under RSA 9:13-e.
2 Effective Date. This act shall take effect April 1, 2012.
LBAO
12-2856
12/22/11
HB 1652-FN-A - FISCAL NOTE
AN ACT requiring the transfer of insurance premium tax revenue to the department of health and human services and the revenue stabilization reserve account.
FISCAL IMPACT:
The Office of Legislative Budget Assistant states this bill will decrease state general fund revenue and increase state restricted revenue by an indeterminable amount in FY 2012. This bill will have no fiscal impact on state, county, and local expenditures, or county and local revenue.
METHODOLOGY:
The Office of Legislative Budget Assistant states this bill requires the transfer of FY 2012 insurance premium revenue in an amount equal to the amount of the audited surplus for fiscal year 2011 to the revenue stabilization reserve account (also referred to as the rainy day fund). The amount of the surplus for fiscal year 2011 is not known as the state has not yet issued the Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2011. Once the FY 2011 CAFR is issued, and the amount of any determined surplus is known, said amount shall be transferred from revenue received from the insurance premium tax, which is deposited into the state general fund, into the revenue stabilization reserve account. As a result, state general fund revenue will decrease, and state restricted revenue will increase in FY 2012.
The Departments of Administrative Services and Revenue Administration state this bill will have no fiscal impact on their Departments.