Is an income tax on the horizon?!
First, despite the fact that 57% of NH voters just showed their support for a constitutional ban on a state income tax, State Rep. Peter Sullivan has submitted a bill for consideration by the legislature that would establish a 1% personal income tax. We cannot allow the short-term whims of the legislature to impede upon the NH Advantage that has taken generations to establish. We will monitor this legislative request and keep you informed on its status.
Second, the House Special Committee on Defined Contribution Retirement Plans for Public Employees released its final report recommending that NH move from the current plan to a defined contribution plan, which is more similar to a 401 (k). As you may know, NH like so many other states is currently facing a mounting public pension shortfall. You can read more about it HERE.
Third, today California is launching a cap-and-trade program. You can read more about it HERE. In NH, we will continue to advocate for the repeal of NH’s participation in the failed cap-and-trade program known as RGGI which has raised the rates of NH residents and small businesses.
Finally, tomorrow NH state agencies will submit their 90% proposed budgets, detailing how they would allocate their resources if their budgets were reduced by 10%. As you may recall, in 2011, the NH General Court passed SB 146 which called for this reduced spending alternative as part of the budget process. It became law without signature.