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NH has a big surplus this year

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Preliminary data from the most recent fiscal year shows a $130 million surplus in New Hampshire government.

According to the Department of Administrative Services, the largest portion of that surplus came from increased business tax revenue, which was $80 million higher than expected.  

Revenue from the real estate transfer tax was also much higher than expected, providing an additional $16 million in revenue.

Increased revenue from these taxes reflects an improved economy in New Hampshire.

“Thanks to strong fiscal management and a strengthening economy, our preliminary surplus for Fiscal Year 2016 will make it possible to potentially fill our Rainy Day Fund while paying for business tax cuts and providing additional resources in the next biennium for shared priorities such as combating the heroin, opioid and fentanyl epidemic,” Gov. Maggie Hassan said in a press release

Republican legislative leaders disagreed with Hassan’s statement about “strong fiscal management.”

“It has become clear over the past year that Governor Hassan’s veto of our responsible state budget did more harm than good to New Hampshire,” said House Majority Leader Richard Hinch. “In June, 2015 she claimed that the Republican budget, ‘includes unpaid-for corporate tax cuts that create a more than $90 million budget hole in future budgets at the expense of critical economic priorities.’ … At the end of the day, Governor Hassan was wrong to delay critical allocations to help deal with the opioid crisis and she was wrong in her claim that tax cuts would hurt our economy.” 

The 2016 budget surplus will be used to shore up the state's rainy day fund and pay for priorities in the next budget, including addiction treatment.

Do you have an opinion on this year’s budget surplus?  Let us know in the comments.

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