Home » Common Cents » Recent Articles:

Proposed Business Enterprise Tax Changes Would Eliminate General Fund Contribution

May 30, 2017 Common Cents
tree with coins

The Senate Finance Committee’s version of the budget proposes lowering the Business Enterprise Tax (BET) to 0.60 percent in 2019 and 0.50 percent in 2021. The proposal comes as additional business tax cuts, which became law in 2015, are still being phased in; if revenue meets a certain threshold set in statute, which is widely expected, the BET rate, which had remained steady at 0.75 percent since 2001 until dropping to 0.72 percent in 2016, will drop again to 0.675 percent in 2018. The reduction to 0.50 percent by 2021 would make the BET rate two-thirds of its level in 2015. In State fiscal year (SFY) 2015, the last SFY without a BET rate change, the BET brought in $218.2 million in revenue, of which $71.9 million went to the General Fund, the State’s primary operating fund; this revenue was raised from the portion of the tax between 0.75 percent and 0.50 percent of the BET rate.

... Continue Reading

Senate Finance Committee Approves Amended Budget

May 26, 2017 Common Cents
tree with coins

On May 24, the Senate Finance Committee approved a State Budget proposal that would appropriate $11.86 billion in state fiscal years 2018 and 2019. This proposal is $324.7 million less than the Governor’s proposed budget, which the Senate Finance Committee used as a baseline for its decisions, and $5.9 million higher than the House Finance Committee’s budget. It contains substantial differences from both versions, both in funding allocation and policy decisions.

... Continue Reading

Senate Ways and Means Committee Increases Revenue Estimates

May 22, 2017 Common Cents
tree with coins

In an unusual move, the Senate Ways and Means Committee opted to revisit the revenue estimates for the General and Education Trust Funds they had decided and voted upon individually on May 17. The Committee concurred with the House Ways and Means Committee revenue projections for the Fish and Game Fund, and adopted the projections from the Governor’s proposed budget for the Highway Fund. The Committee then reopened the General and Education Trust Fund revenue estimates, and after a series of recesses, decided to increase projected revenues for the Business Profits and Business Enterprise Taxes, the Interest and Dividends Tax, and the Real Estate Transfer Tax for the upcoming State Budget biennium.

... Continue Reading

Connect with NHFPI

Common Cents Blog

Elections Highlight Continuing Questions About Keno Revenue

8 Nov 2017

tree with coins

While results are still preliminary, Keno gaming appears to have been legalized in seven cities around New Hampshire as a result of Tuesday’s votes. The margin of victory in Rochester for Keno legalization was reportedly only one vote and may still be subject to change or recount, but voters appear to have legalized Keno gaming in Berlin, Claremont, Laconia, Manchester, Nashua, Rochester, and Somersworth. Voters in Concord, Dover, and Keene voted against Keno gaming legalization. Franklin had legalized Keno gaming previously, and the Portsmouth City Council decided to not put Keno on the ballot. Other municipalities, including the City of Lebanon, may make decisions regarding Keno legalization next year. These results have implications for State policy and finances.