House Leaders Comment on Updated and Improving Revenue Picture from Last Fiscal Year

CONCORD – House Majority Leader Pete Silva (R-Nashua) and House Deputy Majority Leader, and Ways and Means Committee Chairman, Stephen Stepanek (R-Amherst) today offered the following comments on the update revenue figures released late Friday by the Department of Administrative Services, which showed that the state added an additional $17.7 million in revenue for the fiscal year that ended on June 30.  In all, the report shows that the revenue figures missed projections by $8.9 million, or 0.4% of total revenues, based on the Medicaid Enhancement Tax (MET) missing targets by $24.5 million.  Outside of that outstanding issue, revenues exceeded projections by $15.6 million.

House Majority Leader Pete Silva

“It’s great to see that we added roughly $18 million in added revenue, and with any luck the MET figures will improve before the final audited financials come out.  However, what has really impressed me is how our tobacco revenues held exactly to plan over the last six months of the year, with $102.8 million expected and $102.8 million coming in.  It’s clear that after word got out about the New Hampshire Advantage of lower prices sunk in, people started coming here to buy their goods, just as we predicted.  As someone who represents and city and a ward that’s right on the border, I know that my retailers are telling me that the tax relief is improving their business and helping their bottom line.  Now that it is clear that the tax reduction is working and helping our economy, what will the Democrats have to come up with next for a phony argument to attack Republicans?.”

House Deputy Majority Leader Stephen Stepanek

“These revenue figures are once again a tremendous compliment to the hard work of the Ways and Means Committee to put together responsible estimates after years of a highly mismanaged process.  Regardless of how the MET situation shakes out, we will be less than 1% of our predicted revenue, which will be a remarkable accomplishment.  It also shows the power of incentives.  When Republicans eliminated the Democrats’ auto registration surcharge, we saw a spike in registrations over estimates by nearly $3 million, or a 4% increase.  Lower taxes mean more economic activity and more good, new jobs here, and we will continue these efforts next year.”