Tax Cut Vertigo
The temporary five-cent gas tax cut passed the House yesterday. Is it political posturing or an altruistic measure for cash-strapped New Hampshire consumers? We look at three sides of the nickel, and welcome your thoughts, too.
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The Price of Taxing Tobacco
Can reducing New Hampshire’s tobacco tax actually increase state revenues from tobacco taxes?
Assuming a big increase in sales due to the lower tax rate, that’s the idea behind a bill that’s getting its second public hearing today. House Bill 156 passed the House last month, and is now with the Senate Ways & Means Committee. But the bill’s fiscal note, prepared by the N.H. Dept. of Revenue Administration, predicts a different future.
Major House Votes This Week
We continue our today with our snapshot tour of some of the more the 250 bills and amendments that lawmakers will consider over a scheduled three days beginning tomorrow.
In this installment, we look at five bills that are part of the so-called Regular Calendar for the House this week — meaning they are subject to floor debate and roll call votes where every lawmaker’s vote is recorded. These are measures we’ve covered this session, encompassing issues including medical marijuana, abortion, the Financial Resources Mortgage scandal, and taxes.
Revenue Down, Deficit Up
Numbers are out, and state revenue for February was, to put it politely, as dismal as the weather.
Overall, according to a release yesterday by the N.H. Department of Administrative Services, collections were more than $16 million below plan — $77.1 million was raised, but that fell 17.5 percent below the $93.4 million estimate for the month. February is typically one of the lowest revenue months in the state’s July to June fiscal calendar.
Overall, the state is $23 million, or about two percent, below revenue estimates, with four months remaining in the fiscal year.
House Passes Tax Cuts, Doesn’t Pass Them On
When is a tax cut bill that passes the House not really a tax cut bill that passed the House?
New Hampshire saw the question asked and answered Wednesday when two tax cut proposals were approved by the full House. In a rare parliamentary move, House Republican leaders then stopped, or “tabled” the bills, preventing them from moving to and being considered by the Senate.
Draft State Budget Unveiled
The battle over the 2012-2013 New Hampshire state budget has officially commenced, and Gov. John Lynch will make the case for his $4.7 billion budget proposal to lawmakers at a public hearing tomorrow.
Previewing Lynch’s Budget Address
When Democratic Gov. John Lynch delivers his state budget address tomorrow, it will be a dramatic change from his last budget speech in February 2009.
Democratic majorities in both the N.H. House and Senate have been replaced by Republican super-majorities, and the state’s budget crisis has deepened. The next two-year budget hasn’t even been crafted yet, and deficit estimates range from $400 million to the $1 billion figure claimed by Republican leaders.
NHPTV and Rooms & Meals Go to Vote
In what is shaping up to be the busiest period yet for lawmakers in 2011 session, the House will be in session twice next week to vote on dozens of bills — on Tuesday after Gov. John Lynch’s budget address to the Legislature and on Wednesday for its regularly scheduled session.
Two bills that we have reported on this session in Front Door Politics — one to cut state funding for public television and the other to cut the state’s rooms and meals tax rate — will have full House votes next week.
Testing Tax Cuts
Republican leadership at the State House has made tax cutting and budget balancing top priorities and today, the House Ways and Means Committee will hold public hearings and may have executive session votes on nine tax-related bills.
They include three measures we are watching that could lead to tens of millions in tax cuts on tobacco sales, rooms and meals and gambling winnings — but possibly make budget balancing even more difficult.
Economic Briefings to Follow Inauguration
The less ceremonial work of building a budget will follow today’s pomp and circumstance of Gov. John Lynch’s an unprecedented fourth inauguration. Lawmakers are scheduled to begin the first of three days of economic briefings this afternoon.
The first briefing will be on the global economy from Jeff Applegate, the chief investment officer with Morgan Stanley Smith Barney …