A new NHFPI analysis breaks down how the U.S. House’s budget reconciliation proposal — the One Big Beautiful Bill Act (OBBBA) — could impact Granite Staters. The bill would reduce taxes for the highest earners while reducing access to Medicaid and SNAP for thousands of Granite Staters, and shift more costs to New Hampshire.
Business taxes comprise more than a third of New Hampshire’s state tax revenue, making New Hampshire more reliant on corporate tax revenue than any other state. When business profits drop or tax reductions are passed, the impacts may be felt by Granite Staters through reduced public services or higher property taxes. Our new new explainer video breaks down the role New Hampshire’s business taxes have in the State Budget, why they matter for funding things like schools and roads, and which types of businesses are likely to be paying the most.
This video and comparing blog break down the role New Hampshire’s business taxes have in the State Budget, why they matter for funding things like schools and roads, and which types of businesses are likely to be paying the most.
On Wednesday, May 7, the Senate Ways and Means Committee developed revenue projections for the next State Budget biennium. The Committee forecast that more money would be available than the House estimated, but expected less than the Governor, for funding the next two-year State Budget.
As the next state budget looms, April state revenues were short of target, but not low enough to dramatically change the outlook for the next biennium.
After years of surpluses, business tax revenues are falling, the Interest and Dividends Tax has been repealed, and policymakers are left with tough questions about how New Hampshire raises—and spends—its money. New Hampshire Uncharted Host Gene Martin, sits down with New Hampshire Department of Revenue Administration Commissioner Lindsey Stepp and NHFPI Research Director Phil Sletten to explore why the state’s revenue outlook is dimming—and what it could mean for the upcoming budget.
