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Business Tax Rate Reductions Add to Uncertain Revenue Picture

January 16, 2018 State Tax Policy
NH state quarters

At the start of the 2018 Legislative Session, several bills were filed that would likely reduce New Hampshire’s available revenue. When considering changes to revenues, policymakers should be cognizant of the revenue shortfall risks the State presently faces. As of December, revenues are meeting the monthly plan based on estimates set forth by the Legislature to pay for State Budget expenditures. However, the revenue surplus is significantly smaller than it was at the start of the last two legislative sessions.

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Revenue in Review: An Overview of New Hampshire’s Tax System and Major Revenue Sources

May 24, 2017 State Tax Policy
NH state quarters

New Hampshire’s revenue system is relatively unique in the United States, as it lacks broad-based income and sales taxes and instead relies on a diversity of more narrowly-based taxes, fees, and other revenue sources to fund public services. This system presents both advantages and disadvantages to stable, adequate, and sustainable revenue generation.

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New Hampshire’s Revenue Problem Persists; Business Tax Rate Reductions Would Impede Full Recovery

July 27, 2015 State Tax Policy
NH state quarters

New Hampshire’s ongoing budget debate hinges, in part, on current and future revenues, yet collections continue to fall short of pre-recession levels and appear unlikely to recover fully in the immediate future. Preliminary data from the Department of Administrative Services suggest that, while General and Education Fund revenue is poised to exceed initial expectations for fiscal year 2015, it will likely remain some $250 million less in FY 2015 than it was in FY 2008, after taking inflation into account. Furthermore, proposed reductions in the rates of the business profits and business enterprise taxes would help to perpetuate this revenue problem.

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Early Interest and Dividends Tax Payments Boost Surplus

5 Jan 2018

tree with coins

December revenues closed out the first half of State fiscal year 2018 with a sizable increase in the surplus, but the boost’s source suggests the result might be lower receipts in the next half of the year. Revenue sources for the General and Education Trust Funds collected $7.7 million (3.3 percent) more than planned in December, which was $14.4 million (6.4 percent) more than last December and resulted in a total unrestricted revenue surplus of $18.7 million (2.0 percent) above plan for the year. However, $7.3 million of the $7.7 million surplus from December came from a single source: the Interest and Dividends Tax.