Committee Summary for House Finance (01/30/2026)

Bill/Time	Type	Title	Sponsor
HB1042 00:01:02.079 - 9:00:33 AM	Public Hearing	raising the unified contingent credit limit.	Sweeney, Joe(R)
HB1166 00:37:21.760 - 9:36:52 AM	Public Hearing	relative to the contents of the budget trailer bill.	Harrington, Michael(R)
HB1311 01:08:03.520 - 10:07:34 AM	Public Hearing	establishing a regulatory analysis fund to evaluate the economic impact of proposed rules and making an appropriation therefor.	Layon, Erica(R)
HB1515 01:37:49.440 - 10:37:20 AM	Public Hearing	repealing the child care grant program administered by the department of health and human services.	Turcotte, Len(R)

HB1042: Representative Sweeney Support00:01:02.079 - 9:00:33 AM; Representative Sweeney provided written testimony supporting HB 1042, which updates the contingent credit cap for the Business Finance Authority (BFA) to $450 million from $200 million to better attract large businesses to New Hampshire. He explained that the cap is a state-backed line of credit for principal amounts on loans to established industries, not startups, serving as a last-resort guarantee if loans default. It does not cover interest, which fluctuates with market rates. The program has been used successfully, such as for New Balance's relocation in 2022-2023, which maxed out the current cap. Sweeney noted the increase was recommended by BFA and state treasurer discussions to avoid risking the state's credit rating while enabling recruitment of major companies. He committed to providing case studies and having BFA representatives address committee concerns in future sessions. He emphasized multiple vetting layers, including BFA and Governor & Council approval, to mitigate risks.
HB1042: Representative Dan McGuire, Epsom Support00:02:57.920 - 9:02:28 AM; Representative McGuire introduced HB 1042, describing it as an update to the contingent credit cap to ensure the economic development tool functions as intended. He clarified that it is a state guarantee for loans to recruit businesses, not direct state lending or a revolving fund. He addressed questions on its use, noting it supported the New Balance deal and is near capacity, limiting further recruitment. McGuire explained the cap applies to principal only, with interest additional and market-driven. He agreed to compile case studies and involve BFA for more details, highlighting the tool's role in financing stacks for large company relocations.
HB1042: Unidentified Committee Member Information Only00:04:08.239 - 9:03:39 AM; The member sought clarification on the economic development tool, expressing confusion over the bill's description of updating the cap for an existing tool. Sweeney clarified that the contingent credit cap itself is the tool, used by BFA to guarantee loans for business recruitment. The member further inquired about the state's liability as a last resort for loan guarantees if businesses fail.
HB1042: Representative Alivo Information Only00:06:03.199 - 9:05:34 AM; Representative Alivo asked about the fund's status as a revolving mechanism, proximity to the current $220 million cap (corrected to $200 million), payoff timelines for existing loans, and the interest component in the cap. Sweeney explained it is not revolving but a line of credit guarantee that frees up as loans are repaid, though capped by statute. The cap covers principal only, with interest additional based on market rates, and it's near capacity due to the New Balance deal.
HB1042: Representative Stringham Information Only00:09:28.160 - 9:08:59 AM; Representative Stringham framed the bill in terms of promoting robust economic activity, including biotech, small businesses, and housing for skilled labor. He requested case studies of past uses, justification for the 'corporate welfare' aspect in saving borrowing costs via state guarantee, and suggestions for further consultations to assess its role in a strong Granite State economy. Sweeney agreed to provide details and BFA input for the work session.
HB1042: Representative Daniels Information Only00:12:46.959 - 9:12:17 AM; Representative Daniels asked if the bill was a BFA request. Sweeney clarified it was a recommendation from BFA and state treasurer individuals to better attract large companies.
HB1042: Representative Ron Information Only00:13:46.399 - 9:13:17 AM; Representative Ron inquired about a specific project triggering the bill. Sweeney described an unsuccessful recruitment effort where other states had higher caps, making New Hampshire less competitive. He noted the opportunity is gone but future ones exist, and corrected testimony dates: last updated in 2022 (effective 2023) from $200 million to $220 million, with the bill proposing $450 million.
HB1042: Representative Kelly Information Only00:15:51.920 - 9:15:22 AM; Representative Kelly questioned the leap from $200 million to $450 million. Sweeney explained it was determined through talks with the state treasurer to stay within means without threatening the credit rating, balancing safety with expanded recruitment capacity. He noted removing the cap was considered but a limit is needed for bond and rating purposes.
HB1042: Representative MS Information Only00:16:55.360 - 9:16:26 AM; Representative MS followed up on the significant increase, noting concerns about debt ratios from treasurer discussions. She asked if $450 million limits other loan guarantees and expressed worry over increased state default liability falling on taxpayers. Sweeney assured it does not threaten other areas or the rating, emphasizing it's for established industries with rigorous BFA and Governor & Council vetting, not risky ventures.
HB1042: Representative Phillips Information Only00:19:02.160 - 9:18:33 AM; Representative Phillips, with banking experience including FDIC audits, questioned the basis for such a high increase, noting it would raise private-sector auditor concerns. Sweeney deferred to Phillips' expertise, describing $450 million as the high end but open to a lower amount like $300-350 million, considering inflation and state spending growth since the last update.
HB1042: Representative Priest Information Only00:21:32.240 - 9:21:03 AM; Representative Priest referenced BFA's recent $100 million Bitcoin-backed municipal bond, suggesting it warrants scrutiny for the cap increase amid shifts to volatile instruments. Sweeney clarified unfamiliarity with specifics but noted it doesn't use the contingent credit line or risk state funds, as it's overcollateralized and separate. Priest emphasized understanding digital asset risks before expanding the cap; Sweeney stressed the cap targets industrial recruitment, not crypto, and state guidelines exist.
HB1042: Chairman Information Only00:26:17.120 - 9:25:48 AM; The Chairman recalled a past failed airline startup in Portsmouth seeking a $10 million guarantee that led to bankruptcy and some state recovery via asset sales. He noted safeguards now prevent startups. Sweeney agreed to have BFA's executive director address this in future sessions. The Chairman discussed federal incentives drawing corporations and successes like SIG Arms and Lindt, seeing the bill as continuing job-creating recruitment.
HB1042: Representative Luns Information Only00:28:13.279 - 9:27:44 AM; Representative Luns raised concerns about loan guarantees as government 'picking winners and losers.' He asked if increasing to $450 million enlarges the state's thumb on business scales. The transcript cuts off without a direct response.
HB1042: Representative Luns (continued) Support00:29:32.960 - 9:29:03 AM; The speaker addresses concerns about libertarian principles and government intervention in markets, acknowledging that other states engage in similar practices. He emphasizes the importance of the program in attracting companies to New Hampshire and highlights safeguards to ensure only viable companies are selected, reducing the risk of poor investments.
HB1042: Representative P. Information Only00:30:31.360 - 9:30:02 AM; Questions the limited legislative oversight on BFA transactions, noting the BFA's status as a quasi-government entity with approvals from the governor and council but no legislative input until after decisions are made. Raises risks if ventures fail, using the Bitcoin project as an example.
HB1042: Representative (unnamed, responding to P.) Support00:31:51.600 - 9:31:22 AM; Defends the program by clarifying protections in place, such as overcollateralization in the Bitcoin project, and expresses trust in the BFA, executive council, and governor to manage initiatives responsibly without embarrassing the state.
HB1042: Representative (unnamed) Information Only00:32:57.279 - 9:32:28 AM; Asks for perspective on how the program benefits small businesses, expressing concern that it favors large corporations.
HB1042: Mr. Chuns (sponsor) Information Only00:33:58.880 - 9:33:29 AM; Clarifies that the program targets large corporations bringing 500+ employees to the state, not small businesses, which have separate BFA programs. Notes indirect benefits to local small businesses through increased economic activity from large corporations.
HB1042: Representative Muns Information Only00:35:02.079 - 9:34:33 AM; Poses a process question about whether the bill goes to division one and suggests a work session with BFA present.
HB1042: Representative (unnamed) Information Only00:36:04.800 - 9:35:35 AM; Requests BFA to discuss on their next agenda and seeks testimony from the state treasurer.
HB1042: Representative (unnamed) Information Only00:36:04.800 - 9:35:35 AM; Raises points on potential benefits like increased taxable property lowering property taxes, and suggests redrafting the bill to maintain historical changes in the list rather than crossing them off.
HB1166: Representative Harrington (sponsor) Support00:37:21.760 - 9:36:52 AM; Introduces HB 1166 to limit the trailer bill (HB 2) to items explicitly required for budget implementation, emphasizing transparency and preventing bypassed defeated bills or unvetted policies from being included. Provides historical examples like the Manchester welfare refund and critiques the lack of committee oversight and public input in the current process. Challenges the committee to send it to the floor for a vote.
HB1166: Representative Magcguire Oppose00:45:36.160 - 9:45:07 AM; Argues the bill would be ineffective as legislation cannot constrain future legislatures; suggests a constitutional amendment or House rules change instead.
HB1166: Representative (unnamed, likely chair) Information Only00:46:45.040 - 9:46:16 AM; Explains the budget process, from governor's submission to committee reviews, departmental interviews, and negotiations with the Senate. Notes complications in implementing changes and potential for alternative bills like HB 3 to circumvent restrictions.
HB1166: Representative Tereski Support00:53:14.640 - 9:52:45 AM; Highlights issues with last-minute amendments to HB 2 leading to court challenges and costs; asks if the bill would prevent sloppy legislating by tying items to budget line items.
HB1166: Representative P. Support00:56:22.000 - 9:55:53 AM; Agrees on need for transparency, citing examples like school vouchers and anti-DEI policies added late; questions who decides what is 'explicitly required' and suggests defining it via the finance committee.
HB1166: Representative R. Information Only00:57:35.280 - 9:57:06 AM; Asks if concerns about lack of transparency extend beyond the trailer bill, citing a Senate floor amendment example.
HB1166: Representative Stringham Information Only00:59:50.000 - 9:59:21 AM; Seeks clarification on whether the objective is to prevent unvetted policy in the budget or specifically limit trailer bill items; discusses circular dependencies where trailer bill items affect the budget.
HB1166: Michael Kane (Legislative Budget Assistant) Oppose01:01:47.599 - 10:01:18 AM; Opposes the bill but notes it could limit the governor's initial trailer bill submission by requiring budget line item references. Provides historical data on trailer bill growth and suggests focusing on restricting the governor's proposal.
HB1166: Representative Muns Information Only01:06:00.720 - 10:05:31 AM; Asks if the bill prevents the legislature from submitting a different HB 1 than the governor's budget.
HB1166: Representative Dan Magcguire Information Only01:20:59.440 - 10:20:30 AM; Notes fiscal notes cover government impacts but not always individual economic effects; questions reliance on public testimony for personal impacts in rulemaking.
HB1166: Representative (unnamed) Information Only01:23:13.360 - 10:22:44 AM; Asks for evidence of deficient current analyses requiring outside consultants and follows up on methodology, standards, bias prevention, and cherrypicking.
HB1311: Representative Erica Leon (sponsor, Derry) Information Only01:08:03.520 - 10:07:34 AM; Introduces HB 1311 to fund external economic analyses of administrative rules' costs to individuals. After consultations, requests time to review existing processes and provide written guidance to ensure necessary information is accessible without unintended costs.
HB1311: Representative Hackinfield Information Only01:09:54.960 - 10:09:25 AM; Thanks for the idea; asks if it could bog down the system or be expensive, and raises concerns about requiring meaningful evaluation of external data in rulemaking.
HB1311: Representative Muns Information Only01:16:57.199 - 10:16:28 AM; Suggests analyses might be needed earlier during legislation deliberation, not just rulemaking; questions if LBA is more appropriate than OLS for collaboration.
HB1311: Greg Moore (AFP Regional Director) Support01:26:45.760 - 10:26:16 AM; Supports HB 1311 for providing tools to resolve disputes on rule economic impacts, like child care licensing rules. Notes protections against abuse via JLCAR and fiscal committee approvals; sees minimal cost for significant benefits in informed decision-making.
HB1311: Representative Hackinfield (follow-up) Information Only01:33:48.880 - 10:33:19 AM; Asks about efficacy of external vs. in-house economists, citing potential higher costs of privatization.
HB1311: Representative Stringham Information Only01:36:58.080 - 10:36:29 AM; Suggests modeling after federal regulations' administrative burden sections for rules.
HB1515: Representative Len Turkot (sponsor, Bington and Straford) Oppose01:37:49.440 - 10:37:20 AM; Introduces HB 1515 to repeal only the HB 2 expansion of the child care scholarship program, preserving the original for single-parent working households. Criticizes expansion to 85% median income (up to $113k for family of four), automatic presumptive eligibility without proof, and underfunding ($100k for potentially $160-320M annual cost). Notes TANF funding denial and compares to past expansions like Medicaid.
HB1515: Representative Len Turco (Barrington and Strafford) Oppose01:43:33.679 - 10:43:04 AM; Representative Turco opposes the expansion of child care programs outlined in HB2, arguing that it misuses taxpayer dollars for recruitment, retention bonuses, and benefits like health savings accounts, student loan repayments, and tuition assistance for child care workers. He clarifies that HB 1515 repeals only the expansion provisions in HB2, not the existing $40 million child care scholarship program. He criticizes polls and emails from supporters as biased, emphasizing that taxpayers should not fund child care for others' children. He references fraud in other states and questions the societal promotion of entitlement programs, quoting Representative Thomas Massie on government overreach in child care.
HB1515: Jackie Cowell, Executive Director, Early Learning New Hampshire Oppose02:02:36.880 - 11:02:07 AM; Jackie Cowell opposes HB 1515, clarifying that it repeals the child care workforce retention and recruitment grants enacted with bipartisan support in 2023 using state general funds, continued in HB2 for 2025 at $7.5 million per year. She explains the grants go to employers for flexible uses like bonuses, health insurance, or tuition assistance to stabilize the workforce, which supports all industries by enabling parents to work. She notes the federal TANF approval is pending, not denied, and highlights economic losses from child care shortages, including hundreds of millions in lost earnings and tax revenue per the NH Fiscal Policy Institute. She urges keeping the program for its societal benefits.
HB1515: David Trumbull, Andover Oppose02:13:00.719 - 11:12:31 AM; David Trumbull opposes HB 1515, emphasizing the child care industry's low wages (second percentile nationally) and high turnover (25-40% annually), which limits expansion and causes slot losses (11% over eight years per UNH Carsey School). He argues grants are essential for recruitment and retention, providing tuition assistance that is critical since child care workers would spend 98% of wages on their own children's care. He cites US Treasury reports showing $9 societal return per dollar invested, benefits like reduced K-12 costs and higher lifetime earnings, and economic impacts: 17,000 monthly out of workforce, $180 million lost wages, $55 million lost revenue, $9-14 million lost taxes. As a former stay-at-home dad, he supports the program for families and economy.

Weyler, Kenneth(Chairman)(R)	Griffin, Gerald(Clerk)(R)	McGuire, Dan(V Chairman)(R)
Wallner, Mary Jane(D)	Daniels, Gary(R)	Leishman, Peter(D)
McGuire, Carol(R)	Ebel, Karen(D)	Muns, Chris(D)
Sweeney, Joe(R)	Seaworth, Brian(R)	Preece, David(D)
Nalevanko, Rich(R)	Mooney, Maureen(R)	Murray, Kate(D)
Cambrils, Jose(R)	Popovici-Muller, Daniel(R)	Rung, Rosemarie(D)
Bean, Harry(R)	Kelly, Eileen(D)	Hakken-Phillips, Mary(D)
Telerski, Laura(D)	Stringham, Jerry(D)	Erf, Keith(R)
Farrington, Samuel(R)