Governor Hassan's Statement on June Revenues

Statement

Governor Maggie Hassan today issued the following statement on June revenues:

"June and fiscal year revenues appear close to on-target, driven primarily by a strengthening economy that has helped the meals and room tax and the real estate transfer tax make up for the underperformance in other areas. We continue to see shortfalls in business taxes and the interest and dividend tax, which appear to be related, at least in part, to a number of changes in the state tax code in recent years, as well as to businesses beginning to apply various tax credits and carry forwards accrued during the recession.

"Despite the challenges posed by the shortfalls in business taxes and the interest and dividend tax, we have worked to keep the state's bipartisan commitment to a balanced budget. We provided stability to the state's budget by issuing a preventative, preemptive Executive Order and by passing our bipartisan legislation implementing the Medicaid Enhancement Tax agreement with 25 New Hampshire hospitals, while we also continued working across party lines to support priorities that are critical to our economy and high quality of life.

"We must continue working together in a fiscally responsible manner in order to ensure that we protect the state's budget, but the preliminary data reinforces that the bipartisan progress we have made on our shared priorities is keeping New Hampshire's economy moving in the right direction."

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