New Hampshire: The Real Facts

As you know, New Hampshire has had a state income tax for many years. It focused on interest and dividends income and is considered a limited income tax. Turbo Tax even provides the state income tax forms for us.

Now, NH state Rep. Kennedy, Democrat - Rockingham 13, has introduced House Bill 1373-FN-A-LOCAL:

AN ACT establishing an income tax.
SPONSORS: Rep. Kennedy, Rock 13
COMMITTEE: Ways and Means

ANALYSIS

"This bill establishes an income tax at the rate of 3.5 percent.

The bill states that the purpose of enacting an income tax is to reduce the property tax burden on low and moderate income homeowners and requires the legislature in future operating budgets to appropriate an amount of general funds for education which will result in a property tax cap of 8 percent of each property taxpayer’s total household income.

The bill also repeals the interest and dividends tax.HB1373-FN-A-L
Session Year: 2008"

You can examine this proposed legislation here.

And you may contact Democratic Representative James Kennedy of Exeter, NH at: james.kennedy@leg.state.nh.us.