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Testimony before the Commission to Study Business Taxes

February 6, 2012 State Tax Policy
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The legislative Commission to Study Business Taxes met Monday, February 6, to receive public input on its draft report recommending changes to New Hampshire’s tax system. Taken together, the recommendations would mean a substantial revenue loss for the state. Had the recommendations been in place for the current biennium, they would have reduced state revenue by a conservative estimate of $100 million. This kind of revenue loss would likely require major cuts to public services, including infrastructure and education that are critical to attracting new businesses. NHFPI Executive Director Jeff McLynch testified that the proposals may hurt economic growth, not help.

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Testimony Regarding Education Tax Credits

January 23, 2012 Research, State Tax Policy

Proposed legislation to create a tax credit for businesses that contribute to private scholarship funds would be costly for state officials to implement and would divert scarce public resources to private interests. In particular, state aid to public schools would likely be cut even though there is no evidence students receiving subsidies to attend non-public schools do any better than their public school peers. NHFPI Executive Director Jeff McLynch urged the House Ways and Means committee to oppose these tax credits aimed at helping students attending private, religious or home schools.

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Tobacco Tax Cut Likely to Lose Millions in Revenue, Leave FY12-13 Budget Out of Balance

NH state quarters

House and Senate lawmakers agreed to reduce the state’s cigarette tax by 10 cents per pack and lower taxes on other tobacco products as part of the two-year budget starting July 1. Based on the latest data available from state revenue officials, this is likely to reduce tax revenue by at least $14 million to $30 million. It now appears that budget negotiators failed to account for any such revenue loss, meaning that the budget for the coming biennium will likely end up out of balance.

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Report Shows Higher Effective Tax Rates for Residents with Low Incomes

18 Oct 2018

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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.