FOR IMMEDIATE RELEASE:
January 30, 2019
Concord, NH - NHGOP Chairman Stephen Stepanek released the following statement regarding HB 735-FN-A - relative to carbon pricing, a bill proposed by New Hampshire Democrats:
“New Hampshire Democrats are looking full steam ahead to tax anything this session that they can, and their eyes have fallen upon the New Hampshire energy industry. By placing an exponential growing tax on carbon, New Hampshire Democrats are utilizing taxation to reach one of their policy goals: the elimination of carbon-based fuels for energy production in the state of New Hampshire. Carbon-based fuels provide an affordable, market based option for New Hampshire families to heat their homes and drive their cars. This tax is aimed at producers, but as we know, all taxes are paid by the consumer of the product.”
“Further, by developing a redistribution of wealth, this carbon tax is robbing Peter to pay Paul, except Paul is already paying Peter. This legislation is disastrous and is one of the myriad of legislation introduced by New Hampshire Democrats that will cost the people of New Hampshire more to live, work, and stay in the Granite State - if state legislators don’t reject this flawed concept, the voters in 2020 will reject them.”
HB 735-FN-A - relative to carbon pricing facts
This bill establishes the required payment of a carbon pricing fee to be paid by vendors of carbon-based fuels based on their emissions factors.
Stated in terms of state fiscal years, the revenue amounts would be $150 million in FY 2020, $380.6 million in FY 2021, $543.9 million in FY 2022 and $711.2 million in FY 2023. Based on the distribution provided in the bill, these amounts would be disbursed as follows:
- The New Hampshire energy economy, funded by the New Hampshire citizens purchasing energy, would be taxed $795,900,000 in FY23 and receive in rebates $498,000,000 (70% of the tax collected) in FY23. This is a straight forward redistribution of wealth. “For such rebates, every adult shall receive one full share, while every child under the age of 18 shall receive one-half share, with no single family unit to receive more than the equivalent of 3 full shares.” Your shares are not increased or decreased based on how much taxation you faced due to this carbon tax.
- Since none of this money is earmarked to be rebated to New Hampshire small businesses, this is another anti-business, anti-job, anti-growth tax by the Democrats which will help drive businesses out-of-the state - or worse - out-of-business.