Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations
Become a sustaining member and you could win a trip to Barbados!
One of the hallmarks of New Hampshire government is its insistence on maintaining low personal and business tax burdens. To that end, there’s no broad-based standard income, sales or estate tax. Inventory, capital gains, and professional services are also tax-free.Unlike other New England states, however, New Hampshire maintains two major business taxes. The first to be instituted was the Business Profits Tax (BPT). But since the bulk of the state’s businesses range from the small-to-very-small, larger firms complained they were shouldering the bulk of the tax burden. So 1993, the Legislature instituted the Business Enterprise Tax (BET). As Jennifer Weiner writes in “How Does New Hampshire Do It?,” a report released by the Boston Federal Reserve, the BET taxes “wages and salaries, interests and dividends paid by businesses.” In other words, it is, technically, an income tax, but the burden’s placed on businesses, rather than individuals. At 0.75 percent, the BET is also a lower rate than a standard state income tax.The other major piece of New Hampshire’s revenue pie is property tax. Residents pay both a state and town property tax. In 2010, Kiplinger’s reports the State Education Income Tax was “$2.35…per $1,000 of total equalized valuation.” Town rates, meanwhile, can vary widely across the state. If you don’t combine New Hampshire’s two business taxes, property tax makes up the largest slice of revenue, at 16 percent.Another notable aspect of New Hampshire’s tax system, as Weiner notes in the Boston Fed report, is that it’s highly diversified. No one tax makes up 20 percent of money coming in. Other major state taxes include Meals and Rooms, Tobacco, Liquor Sales and Distribution, Real Estate Transfer, Interest and Dividends, Insurance Premium, Communications, and Utility Property Taxes.Summary provided by StateImpact NH

Tackling Taxes While IRS Weighs Extending Filing Deadline due to COVID-19

wikimedia commons

Even as tax preparers and advisors have been helping taxpayers to understand the changes enacted by the 2017 federal tax overhaul, now there is a new law affecting retirement planning, small businesses, and part-time workers. Meanwhile, Trump Administration officials and some Democratic Senators are asking the IRS to extend the filing deadline. One concern:  Many taxpayer interactions occur in person, including at clinics for low-income taxpayers and assistance centers run by the IRS, raising concerns about potential exposure to COVID-19, now deemed a pandemic by the World Health Organization. 

Air date: March 12, 2020


  • Lynne Ford - Vice President & Wealth Manager with the Charter Trust Company
  • Cary Gladstone - Senior Director of Asset Building Strategies with Granite United Way.
  • Barbara Heggie - Coordinator & Staff attorney for the New Hampshire Pro Bono Low-Income Taxpayer Project.
Related Content

You make NHPR possible.

NHPR is nonprofit and independent. We rely on readers like you to support the local, national, and international coverage on this website. Your support makes this news available to everyone.

Give today. A monthly donation of $5 makes a real difference.