Liberty Leads to a Thriving Economy
At the end of 2020, New Hampshire’s robust economy boasted the 5th lowest unemployment rate in the country. Job growth is strong in construction, healthcare and social assistance, accommodation and food service, and retail. Retailers benefit from proximity to several states (ME, VT, MA, RI, and CT), with shoppers spending in New Hampshire to benefit from the lack of sales tax. The state ranks #7 in the State Business Tax Climate Index for 2017, with no tax on machinery, equipment, or inventory.
High Income – Low Taxes
The combination of a high median household income (ranked #7) and the 2nd lowest tax burden creates conditions for residents to thrive, with the lowest percentage of residents and children living in poverty. There is no income tax, no general sales tax, no capital gains tax, and only a 5% tax on certain interest and dividends.
New Hampshire residents rank #1 in financial literacy. The state boasts the highest per-capita Bitcoin usage, with an active cryptocurrency economy and the longest running crypto meeting in the world. A 2017 law exempts digital currency traders from the state’s money transmission regulations.
New Hampshire is the least expensive state in which to own a vehicle, with no sales tax and low costs for maintenance and insurance. It is the only state that does not mandate automobile liability insurance or charge a related fee for being uninsured. Compared to national averages, New Hampshire has more insured drivers and lower insurance premiums. It is also the only state with no mandatory seat belt law for adults and is one of only three states that places no helmet restrictions on motorcyclists.
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Brewing and Agriculture
New Hampshire is the only state in the nation to recognize and codify nanobreweries as separate from larger breweries. Small breweries can manufacture up to 2,000 barrels of beer or specialty beer per year for an annual license fee of only $240.
The state’s active agricultural sector ranges from livestock and dairy products to apples and flowers (ranking #5 in Stroll’s Locavore Index). The state receives the 3rd lowest farm subsidy dollars from the Federal Government – less than 0.1% of the total subsidy dollars handed out. New Hampshire is one of the few states with very little regulation on raw milk sales.