Politics
Bill Could Cost Highway Fund $200 Million
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The Senate Transportation Committee held a public hearing on a bill that could cost the state’s Highway Fund $200 million.
InDepthNH.org (https://indepthnh.org/tag/taxes/)
The Senate Transportation Committee held a public hearing on a bill that could cost the state’s Highway Fund $200 million.
A bill requiring New Hampshire to legally challenge another state’s attempt to collect income taxes from residents working in New Hampshire, was approved by the House Ways and Means Committee Wednesday.
State revenues continued to track higher than projections for January led by business, rooms and meals, and real estate taxes and lottery earnings.
A new study of the pandemic’s effect on state revenues shows New Hampshire in the middle of the pack nationally.
The Pew Research Center’s study, using US Census data for quarterly revenue collections by the states and adjusted for inflation, shows some states rebounding quicker than others in revenue collection which includes taxes, licensing, and compulsory fees with most states returning to pre-pandemic levels in the first half of this calendar year.
The House Ways and Means Committee unanimously backed raising the threshold for businesses to pay the business profits tax, but wants more information before deciding whether to exempt Payment Protection Program grants from state tax liability.
The state’s red hot real estate market continued in January with the real estate transfer tax producing $24.7 million, or double the estimate.
NH’s historical aversion to a broad-based tax makes collecting someone else’s sales tax near blasphemy.