MANCHESTER, N.H. — A new report warns that New Hampshire could lose billions of dollars in federal health care and food assistance under the One Big Beautiful Bill Act, the sweeping federal tax cut and spending legislation that was recently signed into law.

The report released Tuesday by the nonpartisan New Hampshire Fiscal Policy Institute shows how some businesses will likely be affected.

Insulating homes is one of the many eligible projects supported by federal clean energy tax credits that are being phased out as part of the new law.

“It will actually remove that $1,200 from a homeowner to potentially get tax credits for that,” said Mike Turcotte, owner of Turn Cycle Solutions.

Turcotte said his small business is likely going to take a hit once the credit ends this year.

“We still have a tiny little window that we can get some jobs done, but yeah, I think it is really disappointing that they’re not going to have that opportunity moving forward,” he said.

Energy credit cuts are one item being highlighted in the just-released report from the New Hampshire Fiscal Policy Institute.

“The best analyses that we have available indicate that this law change would shift more resources away from households with lower incomes,” said Phil Sletten, of the New Hampshire Fiscal Policy Institute.

The report shows that two-thirds of the tax relief from the new federal law will go to the top 20% of earners, while changes to Medicaid, SNAP and student loans could squeeze thousands of Granite Staters.

“This bill is so wildly fiscally irresponsible,” said U.S. Rep. Maggie Goodlander, D-New Hampshire. “It triggered $500 billion in mandatory cuts to Medicare – whether you get your insurance on the private market, your costs are going to go up.”

Republican leaders argue that the federal government must rein in spending.

https://www.wmur.com/article/big-beautiful-bill-costs-new-hampshire-6525/65607916