“Business, Tax Cuts Could Cost State,” Says Landrigan

Kevin Landrigan of the Nashua Telegraph reported in the Concord Monitor today that “sagging receipts from taxes on business owners and on the sale of cigarettes caused state revenue to fall 3 percent short of expectations last month.”

While the state’s business taxes came in “6 percent less than forecast,” the July 2011 cut in cigarette taxes “continues to depress revenues,” despite proponents’ belief that cutting the cigarette tax would increase sales and tax revenues. “Through the first three months of the fiscal year, the sales of cigarette packs were off 8.7 percent compared to the same period in 2011,” Landrigan writes.

Read more at the Concord Monitor.