Some of the current proposals to reduce business taxes ignore facts about N.H.’s tax structure and, more generally, about the impact taxes have on economic activity. Here’s an overview to help put things in perspective.
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The New Hampshire House recently approved a measure, CACR 6, to amend the state’s constitution to require a three-fifths supermajority vote in the House and Senate to increase any news or existing tax or fee or to authorize the issuance of state bonds. The experiences of other states with similar restrictions in place, as well as academic research, suggest that a supermajority requirement would undermine sound fiscal policy. Moreover, given New Hampshire’s historically low level of taxation, such a requirement seems to be a solution in search of a problem.
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The House Way and Means Committee predicts that total General and Education Fund revenue will grow very little, if at all, over the next 30 months. As a result, the Committee’s estimates serve to underscore the role that declining revenues have played in creating New Hampshire’s fiscal difficulties. If the Committee’s estimates come to pass, total General and Education Fund revenue in FY 2013 will reach its lowest level, in inflation-adjusted dollars, since the advent of the Education Fund more than a decade ago.
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A look at some of the trends in tax collections over the past decade with a brief description of each of the state’s eight major sources of tax revenue — highlighting some of the characteristics that can help guide policymakers in devising a response to the fiscal challenges now before New Hampshire.
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