Conservative estimates continue to pay dividends for NH
Concord, NH – Senate Ways and Means Committee Chairman David Boutin (R-Hooksett) applauded today’s strong December revenue report from the Department of Administrative Services. Revenues for the month came in $14.3 million ahead of plan, and are $19.2 million above projections with six months left in the 2015 budget year.
“Two years ago, the Senate insisted on adopting conservative revenue estimates to protect New Hampshire taxpayers from a budget shortfall. That decision continues to pay dividends for New Hampshire,” Boutin said.
Entering the month, business tax receipts had been running behind projections, but were offset by stronger revenues from other sources. FY14 revenues came in $3.1 million higher than anticipated, and FY15 revenues are currently $19.2 million above plan. That leaves the state revenues $22.3 million above projections with six months lefts in the current two-year budget, which runs through June 30th.
“I’m encouraged by the improved performance in business tax revenues. It shows that the New Hampshire economy is improving, thanks in part to the tax reforms we’ve passed over the past four years,” Boutin added. “The December revenue report provides more useful information as the Senate Ways and Means Committee begins crafting revenue estimates for the next two year budget.”
The Senate Ways and Means Committee meets next week to hear from both the Legislative Budget Assistant’s Office and the Department of Revenue Administration.