This study addresses the fiscal impacts of school choice in New Hampshire. The author uses one example from the 2003 New Hampshire legislative session to illustrate the fiscal impacts of school choice on New Hampshire and its communities. He develops a unique database of individual and household level responses from the 2000 Census of New Hampshire residents to profile and understand the demographic and economic characteristics of children and families in public and private schools. He uses the most recent data available to estimate the percentage of elementary school costs that are fixed versus variable across school districts in New Hampshire, he estimates how a school choice proposal will impact total state aid to education, the financial impact choice will have on each school district in the state, and how school district costs will change in response to school choice initiatives. Finally, he examines how private school attendance affects taxes and expenditures of local communities. This report concludes that because the dollar amount of each voucher is much less than the variable cost associated with educating each student, a school choice program that provides payments to parents who wish to enroll their children in private schools cannot financially impair school districts. When the loss of variable costs in a district (those associated with students in the choice program leaving public schools), is compared to the loss of state aid associated with those students, there is a net financial gain to communities from a school choice program. This is especially true where the state adequacy aid per pupil in a district represents only a small portion of the total per pupil cost of educating a child in the district. This report does not conclude, however, that school districts should be indifferent to this loss of revenue. Rather, school administrators and local officials should look to participation in and demand for school choice in their district as an opportunity to assess satisfaction with the performance of their district. Appended are: (1) Percentage of Private School Students by Town; and (2) Fiscal Impacts of Choice. (Contains 6 figures, 2 tables and 22 endnotes.)