Thanks to Bedford Sen. Denise Ricciardi (R), cities and towns across New Hampshire received a greater share of the state’s Meals and Rooms Tax and the state’s Rentals Tax. Sen. Ricciardi introduced legislation incorporated into the state budget package in June increasing the funds that cities and towns receive. The New Hampshire Treasury transferred $100,143,752 to cities and towns across New Hampshire, including $8,114,126.62 to Manchester on Monday. Governor Chris Sununu said that although The Meals and Rooms Tax dropped in October from 9% to 8.5%, New Hampshire’s strong hospitality industry was responsible for increased funding from the tax.
You can read more here: Manchester Ink Link
“When I ran for office I wanted to be a voice for the people, I am proud that my bill SB99 has provided major tax relief to our communities, cities and towns,” said Ricciardi.
New Hampshire Senate
NEWS RELEASE
FOR IMMEDIATE RELEASE: December 27, 2021 Republican budget delivers major tax relief for NH communities
NH cities and towns receive 45% increase in Meals & Rentals revenue
CONCORD, NH — New Hampshire municipalities are receiving a 45% increase in revenue from the Meals and Rentals Tax, thanks to the recently enacted Republican state budget.
Under HB 2, the local share of revenues from the state’s tax on restaurants, hotels, and car rentals increased to 30%, up from 22% in the last budget. Together with strong growth in New Hampshire’s hospitality industry, this results in more than $100 million going directly to local coffers to help keep local property tax rates down. In total, the New Hampshire Treasury is transferring $100,143,752 to cities and towns by the end of the day. That represents an increase of 45.5% ($32M) from Fiscal Year 2021.
Senate President Chuck Morse (R-Salem), said, “Cutting taxes is always a priority for Republicans. It puts more money in working families pockets, makes living in New Hampshire more affordable and tells businesses that New Hampshire is the place they should set up shop. The additional $32M being sent back to our cities and towns will make a real difference, especially when it comes to helping to lower local property tax rates.”
The increase in Meals and Rentals (M&R) Revenue Sharing was spearheaded bySen. Denise Ricciardi (R-Bedford), whose legislation was incorporated into the state budget package in June. “I made it my goal this past session to protect local property taxpayers by making certain the state kept its promise to share more of the revenues that our M&R tax generates. I am happy and extremely satisfied that today, our cities and towns will finally receive the amount they’ve been promised for so long,” said Ricciardi.
Increased revenue sharing is just one example of how the new budget is delivering tax relief for Granite Staters. The balanced budget also lowered businesses taxes, began the phase out the Interest and Dividends Tax on seniors’ investment income, and cut $100 million from the Statewide Property Tax.
Union Leader: Follow the Money: GOP Delivers for Taxpayers
