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Business Tax Revenue and the State Budget

September 10, 2019 State Tax Policy
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The State Budget represents New Hampshire’s funding priorities for public investment in education, health care, public safety, housing, conservation and preservation, roads and bridges, and a range of services to Granite State residents and businesses. To support these investments, policymakers must determine methods for raising revenue and project the amount of revenue available over the two-year duration of the State Budget. Sustainable revenues are essential to help ensure that adequate funding is available to meet the needs of Granite Staters. The current revenue surplus provides an opportunity to make critical investments, but future business tax revenue will help determine the State’s ability to sustain those investments in the coming years.

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Funding the State Budget: Recent Trends in Business Taxes and Other Revenue Sources

May 22, 2019 State Tax Policy
NH state quarters

Understanding recent revenue trends is key to accurately projecting the amount of revenue expected over the next two State fiscal years and maintaining a balanced State Budget. Revenue projections are especially difficult to make accurately this year, given recent abnormal behavior in receipts from the State’s two primary business taxes, which have driven most revenue growth in recent years. These unusual trends have produced a significant revenue surplus, which presents an opportunity for making critical investments. However, understanding both the potential causal factors for the increases in business tax receipts and the trends in other revenue sources informs decisions concerning those investments and the fiscal support needed for them in the future.

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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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New Hampshire’s Minimum Wage Falls Further Behind

6 Jan 2020

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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.