Home » News » Currently Reading:

New Resource Examines New Hampshire’s State Tax System and Major Revenue Sources

May 24, 2017 News

FOR IMMEDIATE RELEASE
May 24, 2017

 

New Resource Examines New Hampshire’s State Tax System
and Major Revenue Sources

 

Concord, NH – The New Hampshire Fiscal Policy Institute today published a new resource designed to help Granite State policymakers and residents develop a deeper understanding of the revenue system that funds the public services provided through the state budget. The new publication, titled “Revenue in Review: An Overview of New Hampshire’s Tax System and Major Revenue Sources,” provides a comprehensive review of the state’s primary revenue sources and examines past performance and current collection trends.

“As our state budget process moves forward, it is important to understand how New Hampshire funds the public services provided at the state level,” said John Shea, executive director of the New Hampshire Fiscal Policy Institute. “With nearly one-third of our state budget supported by revenue from federal sources, state policymakers must be mindful that funding cuts at the federal level could have a significant impact on New Hampshire’s ability to address public needs, such as ensuring families with children can put food on the table, sustaining a comprehensive response to the ongoing substance use disorder crisis, and providing residents of all ages with access to educational opportunities that will support a strong workforce and a vibrant economy.”

“Revenue in Review” explains each of the state’s primary taxes and provides an in-depth focus on the two business taxes, which together represent the largest source of state tax revenue. The publication also discusses the Statewide Education Property Tax and provides a brief summary of the local property tax. Additionally, “Revenue in Review” highlights the role of federal funding sources, which account for just over 30 percent of funding in the current state budget and contribute to a wide range of public services in New Hampshire.

Revenue in Review: An Overview of New Hampshire’s Tax System and Major Revenue Sources” is available online at www.nhfpi.org.

In early February, NHFPI published “Building the Budget: New Hampshire’s State Budget Process and Recent Funding Trends,” which reviews the stages of the budget process, explains key terminology, and outlines the funds that support budget allocations for various categories of state programs and services as well as funding trends over the past decade.

The New Hampshire Fiscal Policy Institute is an independent non-profit organization dedicated to exploring, developing, and promoting public policies that foster economic opportunity and prosperity for all New Hampshire residents, with an emphasis on low- and moderate-income families and individuals. Learn more at www.nhfpi.org.

###

 

CONTACT:
AnnMarie French
603-856-8337 x2

Connect with NHFPI

Common Cents Blog

Committee of Conference Keeps Medicaid Reimbursement Rate Increases, Boosts Fiscal Disparity Aid in Final Budget Agreement

24 Jun 2019

tree with coins

Negotiators from the House and Senate agreed to a final budget proposal in the Committee of Conference for House Bill 1 and House Bill 2 last week, preserving many Senate proposals while incorporating additional education aid and removing the paid family and medical leave proposal supported by both the House and the Senate in their respective versions of the State Budget. The Committee of Conference budget proposal does not include the expansion of the Interest and Dividends Tax to include capital gains as proposed by the House, but freezes business tax rates at 2018 levels. The proposal retains the Senate’s $17.5 million appropriation for a new secure psychiatric facility and $40 million in revenue sharing to municipal governments during the biennium.