Sununu: State Budget Could Face $700 Million Shortfall From COVID-19 Crisis
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Gov. Chris Sununu told NHJournal the state budget could be facing a “revenue hole somewhere in the neighborhood of $500 to $700 million” due to the coronavirus crisis, but says he opposes any broad-based tax hikes to fill it.
The COVID-19 pandemic has wreaked havoc on the Granite State’s economy and, by extension, tax revenues. Jobless claims have soared to a record 191,000, while revenues have plunged. For example, the two business taxes — the business enterprise and business profits taxes — were projected to bring in $147.7 million in April, but instead collected just $89.9 million, a $57.9 million one-month shortfall.