The New Hampshire Fiscal Policy Instutute, a non-partisan non-profit research group reports that overall revenues for two of the largest State Budget funds, the General Fund and the Education Trust Fund, declined 9.4 percent from SFY 2024 to SFY 2025, after adjusting for consumer inflation.
Combined revenues to these two funds were expected to support about 44.6 percent of the last State Budget. These combined revenues come from several shared tax and non-tax sources, including most of the State’s largest tax revenue sources, but do not include all State revenues.
KEY POINTS from the September 8, 2025 report:
New Hampshire’s State revenues to the General Fund and Education Trust Fund, after being boosted by high corporate profits and quickly-accelerating housing prices, have declined since 2022
State revenues are becoming more reliant on gambling and Insurance Premium Tax revenues, while Tobacco Tax and liquor receipts have declined
Combined business tax receipts were 39 percent of General and Education Trust Funds revenues in State Fiscal Year (SFY) 2023, but declined to about 35 percent in SFY 2025, dropping $156 million since SFY 2023
Lottery revenues have increased substantially, in large part due to more legalized gaming, and will likely grow with new sources added this year
Key questions remain about the future of State revenues, including whether business tax receipts will continue to decline, if Real Estate Transfer Tax revenues will rebound, how much lottery revenues will increase with new sources, and if Liquor Commission receipts will continue to be eroded