This bill increases the minimum hourly rate in New Hampshire and adjusts it annually based on the Consumer Price Index. The bill sets the following minimum hourly rates: $9.50 per hour effective September 1, 2024; $11.00 per hour effective January 1, 2025; $12.50 per hour effective January 1, 2026; $14.00 per hour effective January 1, 2027; $15.50 per hour effective January 1, 2028; and $17.00 per hour effective January 1, 2029. Beginning January 1, 2030, and each January 1 thereafter, the minimum hourly rate for employees and the base rate for tipped employees will be adjusted based on the increase in the cost of living according to the Northeast Consumer Price Index. The bill also increases the base rate for tipped employees to 50 percent of the applicable minimum hourly rate.

The bill does not provide specific information on the fiscal impact, but it is estimated that there will be increased state expenditures in fiscal years 2027, 2028, and 2029. The New Hampshire Municipal Association does not anticipate any fiscal impact on municipalities before January 1, 2028, but notes that if wages remain stagnant, there may be an increase in wages of about $3.83 per hour. The New Hampshire Association of Counties is unable to determine the number of employees impacted by the bill and cannot estimate the increase in county expenditures.