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New Hampshire’s Complex Transportation Funding Challenges

January 30, 2018 Common Cents
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Investments in the operation, maintenance, and construction of transportation infrastructure in New Hampshire often draw from many different sources and funds. Decisions about financing mixes, timelines, projected interest costs, and the effects of deteriorating or enhanced transportation infrastructure at any level of government can all influence projects.

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Early Interest and Dividends Tax Payments Boost Surplus

January 5, 2018 Common Cents
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December revenues closed out the first half of State fiscal year 2018 with a sizable increase in the surplus, but the boost’s source suggests the result might be lower receipts in the next half of the year. Revenue sources for the General and Education Trust Funds collected $7.7 million (3.3 percent) more than planned in December, which was $14.4 million (6.4 percent) more than last December and resulted in a total unrestricted revenue surplus of $18.7 million (2.0 percent) above plan for the year. However, $7.3 million of the $7.7 million surplus from December came from a single source: the Interest and Dividends Tax.

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Congress May Reduce Funding to Key Programs Following Tax Changes

December 21, 2017 Common Cents
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The Tax Cuts and Jobs Act passed by the United States Congress on December 20 will likely lead to an increase in the federal debt, and Congress may next seek to make changes in expenditures to reduce the impact on deficits. The official estimate from the Joint Committee on Taxation (JCT) shows the federal debt will increase by $1.46 trillion from 2018 through 2027. A macroeconomic analysis from the JCT of the U.S. House of Representative’s similar version of the bill shows that, even with potential higher levels of economic growth following reductions in individual and corporate tax rates and other changes, the debt would still increase by $1.01 trillion in the first ten years. Independent estimates also show the tax changes will very likely add to annual deficits.

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Business Tax Revenues Drive Surplus with Continued Abnormal Behavior

4 Oct 2018

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Business tax revenues, propelled higher by certain unusual trends, continued to overperform in September, which is the largest revenue month in the new fiscal year thus far. Business tax extension revenues continued to be well above normal, suggesting more or larger businesses are delaying their final business tax filings. Revenue from estimated payments, which are due for many businesses in September, grew at a steadier pace relative to prior years, and revenue from final business tax returns remained lower. Other tax revenues were a mixed bag in September and during the year thus far, with business taxes accounting for nearly all the revenue surplus over the budget plan in the first quarter.