Rep. Paul Henle
11-2 Cabernet Drive
Concord, NH 03303
nhrep@paulhenle.com
603 986-9620
NH Tax Shift Plan
(amounts based on 2017 estimates)
A personal income tax with a rate of 3.95%.
Start with Adjusted Gross Income (AGJ) from Federal Form 1040.
Deduct Standard Deductions (same as for Federal Income Tax):
© $6,200 for single filers
Oo $12,400 for joint filers
© $9,100 for head of household filers
Deduct $3,800 for each exemption (same as for Federal Income Tax)
Make adjustments for income earned out of state.
This raises $1.222 billion.
$30 million goes to administer the tax.
$363 million goes to the Education Trust Fund (ETF) to replace money raised
through the Statewide Education Property Tax. (SWEPT)
o The SWEPT will be repealed.
$41 million goes to the ETF to replace money raised by the Utility Property Tax.
© The Utility Property Tax will be repealed.
$89 million goes to the General Fund to replace money taised by the Interest &
Dividends Tax (I & D).
o TheI & D will be repealed.
$178 million goes to the ETF & $89 million goes to the General Fund to replace
money taised through the Business Enterprise Tax (BET).
© The BET wiil be repeaied
$71 million goes to the ETF & $142 million goes to the General Fund to replace
money raised through the Business Profits Tax (BPT).
o The BPT will be lowered to 4% from 8.5%
$47 million goes to the Earned Income Tax Credit.
$150 million goes to Municipalities as a 35% contribution to their retirement costs.
$21 million goes to the General Fund.
