This bill aims to increase the minimum hourly rate in the state of New Hampshire. It specifies that from September 1, 2024, to June 30, 2025, the minimum hourly rate will be $12 per hour. From July 1, 2025, and thereafter, the minimum hourly rate will be $15 per hour. The bill also includes provisions for tipped employees, stating that they must receive a base rate from their employer of not less than 45 percent of the applicable minimum wage. If an employee's wages do not equal the minimum wage for all hours worked, the employer must pay the difference to guarantee the $15 per hour rate.

The bill also includes a contingency provision, stating that it will take effect on the date that the federal minimum wage is increased to $15 per hour or when the minimum wage in the state of New Hampshire is increased to $15 per hour, whichever occurs earlier. The fiscal impact of the bill is estimated to be an increase in expenditures of $373,000 in FY 2026, with the funding source being the General Fund and various government funds. The bill does not authorize new positions to implement the changes. The impact on political subdivisions, such as counties and local governments, is indeterminable.