Press Releases

 

Entries in State Revenue (11)

Friday
May022014

NH Senate President Statement on April Revenues 

Concord, NH - Senate President Chuck Morse, R-Salem, issued the following statement today concerning the shortfall in April revenues:

 

“Preliminary estimates showing state revenues underperforming by approximately $20 million in April adds another issue to a growing list of financial concerns facing the state.  This shortfall creates a further complication as the legislature works to address the Medicaid Enhancement Tax, our inadequate rainy day fund, and credit watches issued by Moody’s and Standard and Poor’s.

 

“It is imperative that Executive Branch departments evaluate their budgets and take all necessary steps to ensure they can meet their lapses and spending targets.  Careful fiscal management will be critical to ensure our budget remains balanced, and I’ve asked Senate Finance Chairman Jeanie Forrester to work with department and agency heads to evaluate their current financial positions to determine if legislative steps are required over the next month.

 

“Further, I would again urge the House to pass Senate Bill 415 which would transfer over $15 million into the state’s rainy day fund immediately.  It should be painfully obvious at this point that any effort to spend any portion of this surplus would be ill-advised and harmful for our state’s fiscal standing.

 

“Significant work remains prior to the end of session to develop long-term comprehensive solutions to address the issues before us, and I remain confident we will come together to do so.  In the meantime, there is no reason we cannot take pragmatic steps to protect taxpayers and stabilize the state’s finances.”

Saturday
Aug172013

Josiah Bartlett Center - On Federal Taxes, Repealing Obamacare, and A Look at FY13 State Revenues 

Weekly Update from the
Josiah Bartlett Center


Keeping you up to date on our latest research
on the issues impacting New Hampshire


Federal Taxes Don't Look Like You'd Think

Because the numbers are so large, most people don't bother to look at federal taxes and end up making assumptions that are at odds with the actual numbers. Federal taxes and the federal budget are very different from political rhetoric and muck of media reporting.

Every year the federal government adds to its historical analysis of who paid income taxes and how much they paid. Based on the rhetoric that floats around during the budget crisis that seems to return every few months, you might get the wrong idea. Interestingly, the federal income tax — the largest share of federal revenues — is remarkably progressive and has been getting more so for the last 30 years..... Click here to keep reading.

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Repealing Obamacare

Worth Doing Right

Obamacare is an awful law. It’s falling apart under its own weight, and President Obama has already been forced to waive key provisions several times to prevent the law’s disastrous consequences from fully hitting us. Repealing Obamacare is a good idea, and Congress should do everything it can to get rid of it. Unfortunately, the push to de-fund Obamacare through the appropriations process just won’t work.  Click here to keep reading.

Some up, Some down, and One Time Revenue

An initial look at state revenues for fiscal year 2013 showed that the year ended with a $47.9 million dollar surplus in the General and Education Trust Funds. Most tax collection was in line with forecast, with several major exceptions. In addition, several, one-time revenues were realized, increasing the surplus. Though these figures are unaudited, the final size of the surplus will likely be roughly the same.... Click here to keep reading.

Saturday
Feb162013

House Republican Leaders React to $17m in Business Taxes and $26m in Aggressive Auditing in Governor’s Budget 

CONCORD – House Republican Leader Gene G. Chandler (R-Bartlett) and House Republican Policy Leader Laurie Sanborn (R-Bedford) today offered the following statements following review of the executive summary of Governor Hassan’s budget, which on page 7 adds auditor positions to aggressively target small businesses resulting in $26 million in tax revenue. The budget proposal also blocks tax relief to employers by repealing tax reductions passed by the previous legislature intended to promote job creation. The Governor’s revenue summary on page 8 estimates suspending those tax laws will result in $17 million in taxes on small businesses.

House Republican Leader Gene G. Chandler

“In order to improve the economy, it’s imperative that we continue to make New Hampshire more business friendly. Under the Governor’s plan, tax reforms passed by the previous legislature that would have resulted in savings to our small businesses will no longer take effect. The net result is $17m in taxes coming directly out of the pockets of our job creators over the next biennium. This is not the innovative approach we would have expected.”

House Republican Policy Leader Laurie Sanborn

“I am deeply concerned about the numerous tax increases in this budget, and it’s affect on the hard working families and employers of our state. The Governor talks about improving the economy but in her budget she proposes a number of anti-business tax increases and aggressive audits that she anticipates will bully an additional $26m out of our small businesses. We need to encourage responsible business success and job creation, not impose disincentives and barriers for economic growth as this budget does.”

 

Saturday
Jan262013

Josiah Bartlett Center - The Fight over Revenue Estimates 

Weekly Update from the
Josiah Bartlett Center


Keeping you up to date on our latest research
on the issues impacting New Hampshire


New Hampshire's budget battles are always about revenue, and this year is no exception. Revenue estimates drive spending and make some decisions possible, others impossible. This year's estimates will determine the path the budget takes.

During boom times, revenues flow freely into the state treasury and make the state budget about who gets more money. But an economic downturn or poor revenue estimate creates budget crises and constant pressure to cut.
... Click here to keep reading.


 

Thursday
Jan242013

Governor Hassan Issues Executive Order Creating Consensus Revenue Estimating Panel 

Office of New Hampshire Governor Maggie Hassan

Panel of Experts Will Advise Governor

On State Revenue Projections Throughout Budget Cycle


CONCORD – Fulfilling her commitment to implement fiscally responsible reforms to the state budgeting process, Governor Maggie Hassan issued an Executive Order today creating a Consensus Revenue Estimating Panel. The panel of experts will work to periodically develop and update revenue estimates and provide advice to the Governor both through the budget process and after the budget’s adoption.

The Governor’s Consensus Revenue Estimating Panel will be chaired by Gerard Murphy, the Governor’s Budget Director. The members are Linda Hodgdon, Commissioner of the Department of Administrative Services (or designee); Kevin Clougherty, Commissioner of the Department of Revenue Administration (or designee); Richard Samuels, a director of the New Hampshire Business and Industry Association and an attorney at McLane, Graf, Raulerson and Middleton; Dennis Delay, an economist with the New Hampshire Center for Public Policy; Jeff McLynch of the New Hampshire Fiscal Policy Institute; and Ross Gittell, an economist and Chancellor of the Community College System of New Hampshire.

“A balanced budget is the cornerstone of a strong economy, and a fiscally responsible balanced budget requires revenue estimates that are as reliable and accurate as possible,” said Governor Hassan. “By bringing together experts from the business community, academia, and the public sector, we can work to improve our revenue estimates and ensure more accurate information throughout the budget process. I thank the members of our Consensus Revenue Estimating Panel for agreeing to serve their fellow citizens by supporting our efforts to balance the budget while protecting our priorities.”

The panel’s responsibilities include reviewing revenue estimates to confirm accuracy and reliability; monitoring variables materially impacting estimates such as employment, population trends, interest rates, income, business growth trends and other indices as are appropriate; and providing periodic revenue estimates to the Executive branch and to share such estimates with the Legislative branch. Once the budget is adopted, the panel will meet regularly to review revenue estimates and to help ensure that the state remains on track for a balanced budget. Legislative leaders will also be invited to meetings of the panel to ensure an open and informative exchange of information between the Executive and Legislative branches regarding revenue projections.

The first meeting of the Governor’s Consensus Revenue Estimating Panel will be tomorrow, Thursday, January 24, at 3:30 p.m. in the Executive Council Chamber at the State House.

The full text of the Governor’s Executive Order is attached.