State Leaders on Department of Administrative Services Estimates of 2018 Revenues
Concord, NH – Today, following the release of the Department of Administrative Services estimates of 2018 revenues, Governor Chris Sununu, Speaker Gene Chandler, and Senate President Chuck Morse released the following statements:
"Today's report is good news for New Hampshire and affirms my administration's commitment to responsible, fiscally conservative budgeting," said Governor Chris Sununu. "Moving forward, we must continue to be mindful of our costs as we review new legislation to protect taxpayers and maintain a balanced budget. It is very encouraging to see business tax revenue performing ahead of projections, reaffirming our support that tax relief for our small businesses grows our economy. We must ensure a favorable climate for our state's business community to prosper while enticing businesses outside our borders to make our state their home."
"The increased revenue in business taxes proves that the legislature did the right thing a year ago when we cut these taxes in a move to stimulate the state's economy," said Speaker Gene Chandler. "This despite the opposition of Gov. Hassan and other democratic leaders who warned that such cuts would create more than a $90 million hole in future budgets. Instead, our business taxes are projected to finish nearly $30 million ahead of budget. It is important that we remain vigilant with regard to any further spending during the remainder of this year."
"I want to thank Commissioner Charlie Arlinghaus for his dedicated attention to our state's financial outlook," said Senate President Chuck Morse. "Today's overview is a great example of how the business tax cuts adopted by our state have spurred economic growth. By lessening the tax burden on our small businesses, we are seeing greater than expected revenues from the BPT and BET as a result. This session we will continue to closely monitor revenues while adhering to the responsible budget currently in place. I am cautious of legislation which would require spending outside of the current budget. We need to ensure that out state continues to live within its means and support policies that focus on building a business-friendly environment that will grow our economy."