State Fiscal Year 2025 revenues dropped 9.4 percent in the General Fund and Education Trust Fund compared to last year after adjusting for inflation. Revenues that surged after the pandemic, fueled by corporate profits and real estate sales, have since declined, underscoring New Hampshire’s reliance on a few volatile sources and the impact of tax policy changes like business tax reductions and the repeal of the Interest and Dividends Tax.
A new federal reconciliation law signed on July 4 will bring sweeping changes to tax and social support programs, with major implications for Granite Staters. According to NHFPI's analysis, the law makes permanent many tax cuts from 2017, and pays for some of the forgone revenue by reducing access to Medicaid, supports for food assistance, and clean energy investments, shifting costs and risks onto low- and moderate-income households.
A new NHFPI analysis finds that business tax rate reductions have cost New Hampshire approximately $1 billion in forgone revenue since 2015.
The State of New Hampshire relies on corporate taxes for a greater percentage of tax revenue than any other state. In fiscal year 2021, New Hampshire raised about 31 percent of total tax revenue through corporate income taxes, while the next highest state was New Jersey, with about 14 percent of tax revenue coming from ...
The Governor’s February 2023 proposal for the next two-year State Budget arrived in an environment of potentially increased overall need for services, particularly with looming economic uncertainty and the end of key federal COVID-19-related fiscal supports for programs and the economy. The next State Budget will fund State-supported services during the upcoming two fiscal years. ...
The next two-year State Budget will fund State-supported services in an uncertain economic environment and following a period of substantial increases in State revenue. These revenue increases, primarily driven by an increase in national corporate profits that has accelerated since the start of the COVID-19 pandemic, have provided the State with substantial opportunities to address ...
