New Hampshire has long been portrayed as a low tax state, due in large measure to the absence of broad-based sales and income taxes. Census Bureau data released last month generally affirm that portrayal, revealing that, relative to the size of its economy, New Hampshire has nearly the lowest level of combined state and local taxes in the nation.
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New Hampshire’s state tax revenue is relatively stable, but the State’s largest tax may be among the most volatile types of common taxes, a new analysis from The Pew Charitable Trusts suggests. Between 1997 and 2016, New Hampshire’s tax volatility, as measured through percentage changes from the prior fiscal year, was only higher than five other states, suggesting New Hampshire’s tax revenues do not typically deviate dramatically from year to year relative to other states. However, digging into the diverse revenue streams and drawing on the experiences from other states shows some risk for New Hampshire.