Subcommittee backs study of $300,000 homestead SWEPT exemption in HB 1648; recommends 'ought to pass as amended'

CONCORD — A Ways and Means subcommittee recommended that House Bill 1648, a proposal to exempt the first $300,000 of an owner-occupied residence from the statewide education property tax (SWEPT), be reported “ought to pass as amended” and agreed to form a one‑year study committee to resolve technical and fiscal questions.

Sponsor Dave Luna, who identified himself as the prime sponsor, told the committee he had prepared draft language aimed at addressing Department of Revenue Administration (DRA) concerns and was “really interested in what comes out of this work session” rather than offering a final amendment on the spot.

The committee focused on three central issues: (1) whether the measure applies only to SWEPT or to local property taxes more broadly; (2) how an exemption would affect the state SWEPT target and local apportioned warrants; and (3) administrative details such as the definition of owner/residency and whether income or asset tests are required.

DRA staff told the subcommittee they are “comfortable that this only applies to SWEPT,” resolving an earlier confusion noted in prior hearings.…