NH HB1708

Increases the Business Profits Tax (BPT) rate from 7.5% to 8.5% for taxable periods ending on or after December 31, 2026

Reduces the Statewide Education Property Tax (SWEPT) target revenue from $363 million to $346 million in FY 2028, $284 million in FY 2029, and $273 million in FY 2030 and beyond

Increases the percentage of BPT revenue deposited into the Education Trust Fund from 39% to 40% in FY 2026, 42% in FY 2027, and 44.2% in FY 2028 and thereafter

Directs the Department of Education to identify municipalities impacted by reduced education grants due to SWEPT reductions and provide supplemental payments capped at $90 million

Takes effect July 1, 2026, with phased implementation of BPT distribution changes through July 1, 2028