State’s economy hangs by the housing market thread


Gov. Chris Sununu’s introduction to the state’s fiscal 2022 annual audit, touts the state’s economy and the significant revenue surplus during the 2022 fiscal year.

He notes business taxes were 27 percent ahead of estimates and the surpluses of the interest and dividends, real estate transfer and rooms and meal taxes, without once mentioning the billions of dollars of federal relief and infrastructure money has been a blowtorch to the state’s economic fuel.

And the backbone of the state’s economy — small local businesses — does not look as great when you look at the breakdown in the business taxes between the profits tax and the enterprise tax.

Large multinational corporations pay about 80 percent of the business profits tax which was more than $220 million above estimates while the business enterprise tax is assessed on payroll, interest and dividends of businesses and generally is more reflective of state…

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