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Business Taxes Sustain Surplus While Other Sources Fall Just Short

July 18, 2018 Common Cents
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The State revenue figures from June show continued strength in business taxes, but suggested that other revenue sources may be faltering, such as lottery and liquor sales revenues, or just meeting their targets. The data release for June showed the cash revenues for the last month of the State fiscal year from tax and non-tax revenue sources, as well as tallies for the entire year. Final, audited figures will not be available until December, but the cash figures suggest a substantial surplus for the fiscal year, both relative to the State revenue plan and to State fiscal year 2017.

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Job Growth Slowed in New Hampshire During 2017

June 11, 2018 Common Cents
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The rate jobs were added to the economy in New Hampshire during 2017 was considerably lower than during 2016, suggesting fewer additional jobs are being filled in the state. This slowing in job growth from the higher levels seen during 2015 and 2016 may reflect that, in a growing economy with a low unemployment rate, many employers are having difficulty finding workers to fill positions.

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May Revenues Show Rebounding Real Estate Transfer Tax

June 8, 2018 Common Cents
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State revenues were closer to expectations in May after three months of abnormal receipts, with most major sources bringing in about as much revenue as planned for May and the largest deviation coming from a rebounding Real Estate Transfer Tax. Although May is not an important month for the state’s two main business taxes, receipts from these two sources only contributed modestly to the surplus and showed a small decline from May of last year.

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Unsettled Business Tax Revenues Push Surplus Upward, Offer Limited Insight for the Future

7 Dec 2018

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The fortunes of State revenues continue to rise and fall with New Hampshire’s two primary business taxes, which provided positive signs for near-term revenue but have not shown these levels are sustainable. While the two business taxes remained healthy, other revenue sources were relatively flat overall, leaving the State with a revenue surplus entirely dependent on the two business taxes. The lack of growth in other revenue sources combined with the uncertainty around business taxes creates an environment in which it will be very difficult to accurately project revenues for the new State Budget biennium.