New Hampshire Corporate Tax Revenue Increases Lag Behind Other States

Combined revenues from New Hampshire’s Business Profits Tax and Business Enterprise Tax have not increased as quickly as corporate tax revenues in other states in recent years, according to U.S. Census Bureau data. While New Hampshire’s combined business tax revenues have gone up 118 percent between fiscal years 2015 and 2022, state corporate tax revenues in aggregate have risen 172 percent nationally, and only slightly less than that among the other five New England states combined. New Hampshire’s revenues have likely been lower than they would have been without business tax rate reductions enacted since 2015.