New Hampshire Fiscal Policy Institute

Time 2020-11-23 02:02:52

Web Name: New Hampshire Fiscal Policy Institute

WebSite: http://nhfpi.org

ID:124332

Keywords:

Hampshire,New,Fiscal,

Description:

Revenue in Review: An Overview of New Hampshire s Tax System and Major Revenue Sources New Hampshire’s revenue system is relatively unique in the United States, as it lacks broad-based income and sales taxes and instead relies on a diversity of more narrowly-based taxes, fees, and other revenue sources to fund public services. This system presents both advantages and disadvantages to stable, adequate, and sustainable revenue generation. Building the Budget: New Hampshire’s State Budget Process and Recent Funding Trends Building the New Hampshire State Budget is a long process, which includes five major phases, challenging jargon, unwritten norms, multiple revenue estimates, and several different versions of expenditure plans and revenue expectations. But understanding the State Budget is more than just learning the process; it is key to understanding our priorities and values as a State. Making Ends Meet New Hampshire’s economy has, for the most part, recovered from the Great Recession, yet far too many working families still struggle to make ends meet. Data Viz These posts feature interactive data and insights to improve public understanding of fiscal and economic trends important to New Hampshire. The COVID-19 crisis has had widespread impacts on life in New Hampshire, but the negative effects have been most severe on people who were already the most vulnerable. Vulnerable groups in New Hampshire include older adults, people with disabilities, individuals with chronic health conditions, individuals and families with lower incomes and who are economically disadvantaged, and people identifying as a race or ethnicity other than white and non-Hispanic. While there have been key policies at both the state and federal level in response to the COVID-19 crisis, the uncertainty surrounding the duration and severity of the impacts of this crisis may necessitate additional investments and policy actions. ... Continue Reading The U.S. Census Bureau American Community Survey data released September 17, 2020 provide estimates based on surveys conducted throughout 2019. These data were collected prior to the onset of the COVID-19 crisis, and do not reflect the crisis’s dramatic impact on the wellbeing of Granite Staters. Median household income increased between 2018 and 2019, and the child poverty rate dropped, while the overall poverty rate, rate of health coverage, and renter housing costs relative to income remained relatively unchanged. ... Continue Reading Funding for New Hampshire’s State Budget relies on revenues generated from economic activity, which has been severely curtailed by the COVID-19 crisis. These State revenues pay for key services for Granite Staters, including supports and assistance designed to help those facing financial hardship. With nearly half of New Hampshire households reporting a loss in employment income since mid-March, the need for State services intended to aid families with low incomes, as well as support for education and health services, has increased during the pandemic and will likely remain elevated into the next State Budget biennium. ... Continue ReadingCommon Cents Blog Flexible CARES Act Funds Mostly Allocated, Partially Unspent as Deadline Looms 4 Nov 2020 Nearly all the federal funding granted to the State of New Hampshire in the Spring to combat the COVID-19 crisis has been allocated to pandemic-related programs as of the beginning of November. However, significant amounts of funding have not yet been expended. The State must spend these funds by December 30 or return them to the federal government. While some of these funds may be in the process of being spent now or will be used in the next two months based on existing plans, the significant amount of funds left unspent suggests a substantial risk that money will be returned to the federal government and not be deployed to directly support Granite Staters.

TAGS:Hampshire New Fiscal 

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