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State Revenues Receive Two Thumbs Up for FY 2016 Performance

July 8, 2016 Data Viz

Recent data from the Department of Administrative Services reveals that the General and Education Funds, two of the state’s main sources of revenue, experienced a banner year. Combined collections for these two funds in FY 2016, excluding one-time tax amnesty proceeds, were approximately 6 percent higher than what was yielded during the previous fiscal year, the strongest pace in about a decade. Furthermore, the state collected close to $100 million more than budget writers had projected, allowing the state to strengthen its Rainy Day Fund.

While there are nearly twenty revenue streams that comprise the General and Education Funds, only a small subset are the real engines of growth. Specifically, combined business taxes ($74 million), the meals and rooms tax ($19 million), and the real estate transfer tax ($20 million) accounted for practically all of the growth in FY 2016 ($128 million) compared to FY 2015.

The following data visualization is designed to help you understand the latest collections data. Within each tab, you can hover over each data point to view additional context. On the right side are seven radio buttons, which allow you to further investigate revenue trends by specific tax type or by total collections.

(To view data in full screen mode or on a mobile device, click here.)

 

 

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Common Cents Blog

State’s Diverse Tax Base Stabilizes Revenue, But Business Tax Changes May Increase Volatility

29 Jun 2017

tree with coins

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.