Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Fiscal Policy Institute: business tax receipts and one‑time interest gains drove recent surpluses; revenues softened in 2024
Summary
NHFPI told Ways and Means the 2023 surplus was concentrated in business tax receipts, transfer taxes and elevated interest/dividend receipts; fiscal 2024 shows softer combined business tax collections and slower growth, leaving a smaller surplus largely tied to temporary interest and dividends receipts.
Phil Sletten of the New Hampshire Fiscal Policy Institute presented the committee with a review of general and education trust fund revenues and recent surpluses.
Sletten summarized a long‑run pattern: business‑tax receipts (business profits and business enterprise taxes) grew substantially after 2015 and especially during 2021–2022. That concentrated growth — partly a national phenomenon following strong corporate profits and in part an effect of federal tax changes that altered corporate behavior — drove a large fiscal 2023…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
