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Below is a snapshot of key features of New Hampshire's tax system. (Scroll Down)
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State & Local Revenue (FY10)
- General Revenue, Own-Source (GROS): $7.3 billion
- General Revenue as a Share of Income: 12.9%
- Tax Revenue: $5.0 billion
- Tax Revenue as Share of income: 8.8%
- Personal Income Tax (Share of Tax Revenue): 1.6% (43 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 10.0 % ( 2 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 16.0 % ( 48 out of 51)
- Property Tax (Share of Tax Revenue): 64.6 % ( 1 out of 51)
- Other Taxes (Share of Tax Revenue): 5.2 % (24 out of 51)
Personal Income Tax Features (2012)
- Range of Tax Rates: N/A
- Standard Deduction: N/A
- Personal Exemption: N/A
- Dependent Exemption: N/A
- Earned Income Tax Credit (EITC): None
- No broad based personal income tax
Corporate Income Tax Features (2012)
- Range of Tax Rates: 8.50%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: Yes
- Apportionment Factor (Payroll): 25%
- Apportionment Factor (Property): 25%
- Apportionment Factor (Sales): 50%
Sales Tax Features (2012)
- State Sales Tax Rate: N/A
- Average Local Sales Tax Rate: N/A
- Average Combined State & Local Sales Tax Rate: N/A
- State Sales Tax Treatment of Groceries: N/A
- Local Sales Tax Treatment of Groceries: N/A
- Number of Services Taxed: 18 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- Taxes consumption of telephone, hotel, and car rental services
Property Tax Features (2012)
- Levies statewide uniform property tax.
- Means-tested exemption from statewide portion of property tax.
- Comparatively high property taxes.
Other Tax & Revenue Features (2012)
- Gasoline Tax Rate (per gallon): $0.196
- Diesel Tax Rate (per gallon): $0.196
- Cigarette Tax Rate (per pack): $1.68
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $168
Tax Policy Oversight
- Tax Expenditure Report: Yes, but excludes at least one major tax
- Tax Incidence Analysis Capability: None
Last Updated October 4, 2012
Sources & Glossary
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