Here are some comments on the proposed state budget by representatives who have been involved in the budget process.
The budget contains a second set of tax cuts larger than those in the prior budget (FY2015-16). We have hardly begun to have to live with the first set of tax cuts, because they began with a tiny impact on FY16, and they will grow every year.
In FY22, when the final tax cut from these two budgets takes effect, we will have lost 22.5% of our business taxes, plus $22 million of further special deductions and credits.
Assuming that NH can manage to equal the national growth expected by the Federal Reserve from this year forward, by FY22 we will be losing $208 million per year from our revenues.
(excerpted from Rep. Susan Almy’s message of June 16, 2017 – FY dates added by Rep. Lee Oxenham).
NH needs these funds for the critical INVESTMENTS in our workforce, educational system, infrastructure, and health system the state needs to grow and thrive.