What is the New Hampshire tax amnesty and when does it end?

It is a limited window that lets taxpayers settle past liabilities with reduced penalties and interest. The New Hampshire tax amnesty has already raised about $62 million and closes on 15 February. Once it ends, monthly revenues lose this one‑off boost, so underlying collections will matter far more for credit.

Why are NH January revenues up if business taxes are weak?

Total receipts are $44 million above plan through January mainly because of the New Hampshire tax amnesty. That one‑off inflow offset soft business categories. Without it, NH January revenues would look weaker. The key test is whether core receipts improve after 15 February when the amnesty ends.

How could this affect UK investors in muni funds?

If core receipts stay weak after the New Hampshire tax amnesty, spreads on NH exposure could widen and fund NAVs may face short‑term pressure. UK investors should check portfolio weights to New Hampshire, prefer higher‑quality credits, keep duration reasonable, and consider currency hedging to manage USD swings during spring tax months.

What indicators should I track next to judge sustainability?

Focus on Business Profits Tax and Business Enterprise Tax growth, payroll withholding, and consumer‑facing taxes. Compare results with plan and last year, and use three‑month averages to smooth timing noise. If these improve without help from the New Hampshire tax amnesty, the budget picture steadies and credit tone should firm.

Global Market Insights

February 11: New Hampshire Tax Amnesty Windfall Masks Weak Core Revenues

ByHuzaifa Zahoor February 11, 2026

New Hampshire tax amnesty is propping up state finances into mid‑February. Through January, the state sits $44 million above plan, thanks to around $62 million already raised by the programme ahead of the 15 February deadline. NH January revenues look better on the surface, yet business tax receipts New Hampshire underperformed. For UK investors holding US municipal bond funds, the NH budget surplus appears temporary. We explain why post‑amnesty collections matter for credit, spreads, and positioning into the spring tax months.