2023 New Hampshire Revised Statutes
Title V - Taxation
Chapter 78-B - Tax on Transfer of Real Property
Section 78-B:1-a - Definitions.

Universal Citation: NH Rev Stat § 78-B:1-a (2023)
    78-B:1-a Definitions. –
In this chapter:
I. "Commissioner" means the commissioner of the department of revenue administration.
II. "Contractual transfer" means a bargained-for exchange of all transfers of real estate or an interest therein, including but not limited to:
(a) From a shareholder to a corporation in which he holds an interest; or
(b) From a partner to the partnership in which he holds an interest; or
(c) From any other interest holder to an organization in which he owns an interest; or
(d) From an individual to a business entity; or
(e) From a corporation to its shareholder(s); or
(f) From a partnership to its partners; or
(g) From any entity to the interest holders in that entity.
II-a. "Lease" means a contractually binding agreement that grants a right to exclusive possession of land, buildings, or both, for a fixed or renewable period or periods of time. The term lease also includes any ground leases of unimproved real property whereby the lessee is granted the right to construct improvements on the leased real property.
III. "Noncontractual transfer" means a transfer which satisfies the 3 elements of a gift transfer:
(a) Donative intent;
(b) Actual delivery; and
(c) Immediate relinquishment of control.
IV. "Price or consideration", in a contractual transfer, means the amount of money, or other property and services, or property or services valued in money which is given in exchange for real estate, and measured at a time immediately after the transfer of the real estate. The value of such consideration in contractual transfers where the property exchanged includes the surrender of rights or choses-in-action by the transferee, including the surrender of shareholder or beneficial interest holder rights in liquidation of a corporation or other entity, the forgiveness of an obligation owed to the transferee, or the assumption of an obligation by the transferee, shall be no less than the fair market value of the real estate or interest in such real estate as determined by the department pursuant to RSA 78-B:9, III; except that in the case of a deed given in lieu of a foreclosure, the value of such consideration shall be the amount by which the debt of the obligor secured by the real estate or interest in the real estate is reduced plus the amount of such debt which is assumed by the transferee in exchange for the real estate, if any. Transfers made solely to obtain financing or refinancing, as required by a lending institution, and that accomplish no other business purposes shall not be considered sufficient consideration to make a transfer a contractual transfer. The recitation of nominal consideration of $10 or other valuable consideration for purposes of satisfying the statute of frauds is not consideration for purposes of this chapter.
V. "Sale, granting and transfer" means every contractual transfer of real estate, or any interest in real estate from a person or entity to another person or entity, whether or not either person or entity is controlled directly or indirectly by the other person or entity in the transfer. Transfers of interests in real estate holding companies holding real estate or holding interests in real estate, transfer of which would be taxable under this chapter if transferred directly, shall be taxable as transfers under this chapter to the extent of the fair market value of the real estate. Transfers of interests in an entity that holds, either directly or indirectly, an interest in a real estate holding company shall be considered to be a transfer of an interest in the real estate holding company to the extent of the ownership interest of the entity in the real estate holding company.
VI. "Real estate holding company" means an organization which is engaged principally in owning, holding, selling, or leasing real estate and which owns real estate or an interest in real estate within the state.

Source. 1989, 197:2. 1992, 203:1. 1993, 111:1. 1997, 351:33, 34. 2006, 149:1. 2009, 144:268, eff. July 1, 2009. 2015, 133:1; 255:1, eff. July 1, 2015. 2016, 288:3, eff. June 21, 2016.

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