(The Center Square) – The New Hampshire state budget is now law.
House Bill 1A and House Bill 2 were signed by Republican Gov. Chris Sununu on Tuesday afternoon, formulating the $15.2 billion biennium state budget for fiscal years ending June 30, 2024, and June 30, 2025.
“This is a bipartisan miracle budget that provides for families, employees, students, and businesses,” Sununu said in a statement. “Everyone gave a little to get a lot. This budget proves that with a near evenly split legislature here in New Hampshire, we’re able to come together and deliver for the people of the Granite State to unlock unprecedented opportunity. Today is proof that with the right approach, good government is still possible.”
House Bill 1A makes appropriations for the expenses of departments within the state for the biennium, while House Bill 2 is relatives to state fees, funds, revenues, and expenditures.
According to a release, the budget does not have new taxes, eliminates interest and dividends taxes on Dec. 31, 2024, and directs $2.7 billion to cities and towns across the Granite State.
According to a release, New Hampshire’s state employees will get a 12% pay raise, with 10% coming this year. The increase is the largest in half a century.
In the budget, $50 million is being directed to housing stability, workforce, and affordable housing development while providing more funding for public education than in the past. The budget sends $140.8 million to the state’s public schools over the next two years.
In addition, according to a release, the budget will simplify while revamping the education funding formula that will target aid and provide more funding per student. The document will also increase base aid for free or reduced lunches for those students who qualify.
