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

December 7, 2018 Common Cents
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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.

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Report Shows Higher Effective Tax Rates for Residents with Low Incomes

October 18, 2018 Common Cents
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Most New Hampshire residents with lower incomes pay a higher percentage of the money they earn in state and local taxes than residents with higher incomes do. In a new report released yesterday, the Institute on Taxation and Economic Policy conducted evaluations of state and local government tax systems in each of the 50 states and modeled their impacts on non-elderly residents. The report concludes that 45 states have tax systems that ask a greater percentage of the incomes of those with low earnings than those with the highest incomes.

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Business Tax Revenues Drive Surplus with Continued Abnormal Behavior

October 4, 2018 Common Cents
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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.

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New Hampshire Trails in Higher Education Funding

20 Nov 2019

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It has been over a decade since the end of the last recession. During this time, investments and funding for public higher education across the nation have seen reductions overall. States reduced expenditures in the aftermath of the recession, including decreased spending to support public higher education. Recent analyses from the Center on Budget and Policy Priorities and the Pew Charitable Trusts have compared states’ investments in public higher education over time. When compared to pre-recession levels the amount of money allocated to public higher education nationwide has decreased. Students who attend public colleges and universities in their home states face the additional cost burdens of increasing tuition and fees that may stem from these funding cuts. In New Hampshire, Granite Staters face the second highest average in-state tuition at public four-year institutions in the nation.