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New Hampshire Economy Zooms After Business Income Taxes Cut

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Downtown Manchesterby Andrew Burger, New Hampshire Watchdog

New Hampshire’s economy is humming along, and fiscal conditions are better than they have been for years. In large part, that’s thanks to business profits tax cuts and a cautious, one-off distribution of surpluses on the part of Gov. Chris Sununu and state legislators to address local challenges, according to tax and public policy experts.

Then Gov. Maggie Hassan and supporters in the New Hampshire legislature led a successful initiative to implement a multi-year program of gradual business profits tax reductions from 2016 through 2022. The first went into effect Jan. 1, 2016. Successive rounds are to be triggered biennially only if tax revenues reach or exceed minimum levels set out in the legislation. Those minimums have not only been reached, but exceeded.

New Hampshire has been running substantial budget surpluses for three consecutive fiscal years. That has left the Granite State in an enviable position when compared to neighboring and many other US states, said Greg Moore, Americans for Prosperity’s state director for New Hampshire.

State legislators were very conservative in their revenue forecasts,” Moore told Watchdog.org. “Revenues have been higher than expected, so the state has been able to take care of other priorities outside the budget.”

More …

© 2018 Franklin Center for Government & Public Integrity

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