January-to-September state tax revenues in New Hampshire were 2.3% below 2019 numbers
(The Center Square) – During the first nine months of 2020, state tax revenues in New Hampshire came in at 2.3% below the same period a year earlier, the 29th greatest decline among the 50 states and the District of Columbia, according to the Tax Foundation.
Comparing just the second and third quarters of 2020 with the same period a year earlier, the state tax revenues in New Hampshire were 5.4% lower. This time period reflected the first six months when the coronavirus pandemic was in full swing in the United States.
Nationwide, state tax collections from January through September were down 4.4% – or a total of $37.4 billion – compared to the 2019 revenues, the Tax Foundation reported. Local revenues, however, were up $29.8 billion in 2020 over the same period in 2019, revealing the stability of local tax sources such as the property tax and, in some cases, the sales tax, the study found.
A total of 10 states recorded higher revenue collections during the first three quarters of 2020, while such revenues were down by double digits in nine states during the same period.
The Paycheck Protection Program, as well as $535 billion in federal aid to state and local governments, helped to maintain employment levels and income tax revenues during the pandemic, the Tax Foundation study concluded.
—
State Tax Revenue Changes in First 9 Months of 2020
RankStateQuarters 1 to 3 of 2020Quarters 2 & 31Alaska-25.80%-28.70%2Connecticut-25.40%-36.90%3North Dakota-22.70%-37.40%4Hawaii-16.70%-26.00%5Washington-15.60%-27.00%6Iowa-13.60%-20.70%7Massachusetts-12.60%-19.40%8New Mexico-11.70%-14.40%9Michigan-11.60%-3.30%10Maryland-9.30%-15.00%11Wyoming-9.00%-8.50%12West Virginia-8.50%-11.90%13Wisconsin-8.20%-13.00%14Florida-8.00%-13.80%15Texas-7.20%-11.80%16Oklahoma-7.00%-9.20%17Arizona-6.30%-7.80%18Rhode Island-6.00%-11.10%19New Jersey-5.70%-9.50%20Oregon-5.00%-4.00%21District of Columbia-4.50%-7.50%22Minnesota-4.20%-5.70%23Nevada-4.20%-8.00%24Pennsylvania-4.00%-7.10%25Utah-3.90%-9.10%26California-3.60%-6.90%27South Dakota-3.10%-7.30%28New York-2.70%-7.00%29New Hampshire-2.30%-5.40%30Louisiana-1.90%-4.20%31Missouri-1.60%-4.20%32Virginia-1.50%-4.00%33Mississippi-0.90%-3.10%34Colorado-0.80%-3.00%35Indiana-0.60%-3.70%36Kansas-0.50%-5.70%37South Carolina-0.40%-3.30%38Delaware0.00%-1.30%38Ohio0.00%-2.60%40North Carolina0.10%-1.10%41Kentucky0.40%-2.20%42Maine1.20%-0.90%43Georgia1.60%-0.30%44Tennessee2.30%-1.50%45Montana2.90%-0.70%46Nebraska3.20%0.10%47Vermont4.40%1.50%48Alabama4.50%3.60%49Arkansas6.40%6.80%50Illinois7.80%3.20%51Idaho12.20%10.20%
Source: Tax Foundation
Disclaimer: This content is distributed by The Center Square
