New Hampshire

State & Local Taxes in 2015

 

New Hampshire Tax Code Features

Progressive Features

• No statewide sales tax

• Requires the use of combined reporting for the corporate income tax

Regressive Features

• No broad-based personal income tax

• Comparatively high reliance on property taxes

• Fails to provide a refundable Earned Income Tax Credit (EITC)

Tax Changes Enacted in 2013 & 2014

• Gas tax increased by 4.2 cents per gallon

• Tobacco tax had been temporarily lowered by 10 cents, but the reduction was reversed in 2013

• Multiple business tax reductions, including an increased Business Enterprise Tax threshold and an increased Research & Development tax credit

ITEP Tax Inequality Index

According to ITEP’s Tax Inequality Index, New Hampshire has the 25th most unfair state and local tax system in the country. States with regressive tax structures have negative tax inequality indexes, meaning that incomes are less equal in those states after state and local taxes than before (See Appendix B for state-by-state rankings and more details).

Click here for a PDF of this page