CONCORD – Americans for Prosperity – New Hampshire (AFP-NH) today is citing April’s revenue numbers as an indication the state does not have a revenue problem. April state revenues came in at $48.3 million above projections, resulting in a $33.8 million surplus for year to date. Business tax revenue was ahead of projections by $17.7 million.
“The April revenue numbers demonstrate that the work to reduce spending and taxes put into place by the last legislature are growing our state’s economy,” said Greg Moore, AFP-NH State Director. “This is good news, but it also shows why now is not the time to increase state spending on the backs of New Hampshire taxpayers and business owners. That’s why it’s critical that we stop the business tax increases that the House included in their budget.”
The budget as approved by the House contains an increase the Business Enterprise Tax (BET), which was scheduled to see its exemption increase by 25%, as well as to be indexed for inflation. In addition, this also blocked expanding the loss carryforward for the Business Profits Tax (BPT) and extending BET tax credits against the BPT.
The Tax Foundation recently ranked New Hampshire as 48th in the nation in terms of business taxes.
“The April revenue numbers show that business tax collection also grew in the state, well ahead of projections,” added Moore. “This is not the time to be adding to the tax burden and general uncertainty of the people who create jobs. With our state currently ranked 48th for its business tax climate, Governor Hassan and the House Democrats’ plans to increase business taxes will do nothing but lead us further down that list and make it harder for the people of New Hampshire to find work. These April numbers clearly show we do not have a revenue generation problem; we have a spending problem.”