A look at some of the trends in tax collections over the past decade with a brief description of each of the state’s eight major sources of tax revenue — highlighting some of the characteristics that can help guide policymakers in devising a response to the fiscal challenges now before New Hampshire.
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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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A combination of revenues recovering faster than anticipated, including some potentially atypical receipts, and underspending at public agencies has improved the State of New Hampshire’s fiscal situation relative to projections from earlier in the year. While the situation is more favorable than previously expected, significant unknowns remain, including the course of the pandemic and the potential for federal assistance to states and local governments, all of which could have profound impacts on New Hampshire’s ability to fund key services for Granite Staters.