Projections: Pandemic Will Lead To Drastic Decline In N.H.'s State Revenue
The state’s top tax official says the coronavirus pandemic could cut state coffers by more than $450 million through the middle of next year.
State revenue commissioner Lindsey Stepp told lawmakers her department’s latest revenue estimates don’t presume a second wave of the coronavirus. She also stressed the challenges of modeling tax collections under the circumstances.
"We don’t have anything to go off of in terms of historic impacts, the historic results," she said. "So we’ve done our best to aggregate all of information that’s available publicly, and also take into account what we’re seeing in revenue and dissect everything and do our best.”
Stepp expects collections on all major taxes to decline, some precipitously. She told lawmakers she expects business tax receipts to be off by 15 percent this year, and more than 20 precent next year – a nearly $300 million decline.
She expects collections from the meals and rentals tax to come in $100 million below prior estimates. Gov. Chris Sununu said this week he’s expecting state revenue losses to top a half-billion dollars through next year.