NH Revenue Picture Is ‘Sobering’ and Who’s To Blame?
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A look at the Department of Revenue Administration’s fiscal year 2020 first quarter report on business tax refunds is sobering.
Legislative and executive branch budget negotiators had to have been aware of the business tax refund trend when they lowered estimates for business tax receipts for the next two years as part of the recent budget settlement.
In the budget agreement, business tax receipts for the biennium were reduced by $44 million from the $896 million in revenue the business enterprise and business profits taxes were estimated to produce in the House and Senate passed budget Gov. Chris Sununu vetoed.