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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.

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AnnMarie French
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The federal minimum wage is the lowest hourly wage that can be paid to most workers anywhere in the nation. Since its inception at the national level in 1938, when only certain workers were covered, the wage has increased and encompassed more types of employees over time. State law sets New Hampshire’s minimum wage to the federal minimum level, currently at $7.25 per hour. An individual working 40 hours per week at this wage will make about $15,000 per year, assuming they work all 52 weeks. This income level is below the federal poverty guidelines for all households other than a single person, and well below the levels for households that include a partner and children.