In short, the latest New Hampshire State Budget signed into law by Governor Chris Sununu, and passed by the New Hampshire State Legislature largely with Republican support, focuses on many aspects of everyday life of Granite Staters. Who, in his/her right mind, doesn’t like lower taxes and more benefits?
Overall, this 2021 New Hampshire State Budget provides: help for Main Street businesses; property tax reduction; education funding; education improvement; help for working families; improvements in the field of Mental Health Services; improvement in Health Care Services; promotion of safe communities; protection for our environment; protection for children; promotes homeless shelter programs; improvements to Infrastructure; increased savings for the “Rainy Day Fund;” strengthening anti-discrimination laws; and lastly, protection for life.
This creative NH State Budget provides tax relief to various segments of NH society: families, senior citizens, and small businesses.
Over the next 10 years, for example, Granite Staters will realize over $1 Billion (with a “B!) in tax savings. Some ways in which this is accomplished are: lowering the Rooms and Meals Tax by 5.55% to 8.5%, and reducing taxes on small business with inclusion of reduction in the BET business tax by 8.33% with a similar reduction in the BPT business tax by 1.30%; fully eliminating the Interest and Dividends Tax for those seniors with IRA’s and other Savings Plans; exempting over 30,000 small NH businesses from even filing taxes by raising minimum business tax thresholds; and, by providing $100 Million to NH small businesses in PPP tax relief. These should all translate into savings for NH businesses, residents and families, and visitors.
Thanks to New Hampshire voters, who, by capturing the Legislative and Executive Trifecta, have made economic policy pay off for New Hampshire!
Nick De Mayo