The process for planning NH’s next two-year state operating budget is already well under way. The Governor’s budget is due February 15, and new budget must be in place by June 30.
There is uncertainty in every budget, but we may have a particularly difficult time projecting state revenue this cycle. An estimated 22 percent increase in combined business profits tax and business enterprise tax receipts, following the federal tax overhaul in late 2017, was likely due in part to businesses repatriating profits from overseas.
This analysis is from the NH Fiscal Policy Institute, an independent nonprofit, nonpartisan public policy research organization.
Our NH House Ways and Means Committee will begin work after the first of January with projecting revenues for the next two years. It seems clear to the NH Fiscal Policy Institute and to many members of the Ways and Means Committee that forecasting the revenue will be challenging. Our job is to provide the most accurate revenue projections possible so that NH continues to deliver a balanced budget for its citizens.