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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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April Revenue Collections Welcome News for FY 2016-2017 Budget Deliberations

May 6, 2015 State Tax Policy
NH state quarters

In putting together New Hampshire’s budget every two years, policymakers pass a number of important milestones, such as the submission of the Governor’s initial spending plan in February and public hearings in both the House and the Senate in the spring. Among the most critical of these milestones is the announcement of revenue collections for the month of April. The April numbers are important as they provide greater insight into likely revenue totals for the current fiscal year and, by extension, what the state might reasonably expect to take in during the coming biennium.

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Supermajority Requirement to Increase Taxes at Odds With Sound Fiscal Policy

January 29, 2015 State Tax Policy

The New Hampshire House of Representatives will soon consider a measure, CACR 1, to amend the state’s constitution to require that an increase in any existing tax or license fee or the creation of a new tax or license fee be approved by three-fifths of both chambers of the legislature. In each of the past two legislatures, the House rejected attempts to amend New Hampshire’s constitution in this way. Those decisions were well founded, for such constraints not only are at odds with sound fiscal policy, but also erode New Hampshire’s democratic institutions.

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House Finance Committee Finalizes Full Budget

28 Mar 2017

tree with coins

The House Finance Committee completed its version of the budget on March 28, which is two days ahead of the deadline set by legislative leadership. With the House Ways and Means Committee projecting $86.7 million less in revenues than Governor Sununu’s projections for State fiscal years (SFY) 2017, 2018, and 2019, the House Finance Committee was restricted to using less surplus income from SFY 2017. The House also expects $58.8 million less revenue to come in during SFYs 2018 and 2019, requiring a smaller budget relative to the $12.185 billion plan put forward by Governor Sununu.