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State revenues are producing more than the budget framers estimated

NH State House.


CONCORD, NH — State revenues continue where they left off last year, with a surplus.

For the month of August, state levies generated $147.8 million in revenue, including $1 million from recovery of pandemic-related expenses with lottery revenue, and business and hospitality taxes producing much more than the authors of the budget had estimated.

The total for the month is $25 million more than the year’s revenue plan to produce a balanced budget and $6 million more than a year ago.

For the first two months of fiscal 2023, state revenue totals $264 million, nearly $40 million more than estimates, but only $1.8 million more than there is. a year ago, when state revenues exceeded estimates by more than $400 million.

The room and meal tax was the main source of revenue in August, although the figures reflect activity in July.

The levy produced $35.1 million for the month of August, $9.2 million more than estimated and $300,000 more than a year ago.

According to the Department of Revenue Administration, the figures reflect a 1.5% increase in restaurant activity from a year ago and a 7.2% increase for hotels.

For the year to date, the tax has generated $64.3 million, which is $9.2 million more than estimated and $2 million more than a year ago.

Business taxes produced $24 million in August, $6.2 million more than estimates and $800,000 more than a year ago.

According to the DRA, “The largest contributor to business tax revenue this month came from estimated payments. Tax assessments this month were relatively high compared to historical data for August.

Since the start of the year, business taxes have generated $57.7 million, or $10.7 million more than estimated and $2 million more than a year ago.

The lottery winnings benefited from a big Mega Millions jackpot producing $18.4 million for the education trust fund. The figure is $8.1 million higher than estimated and $9 million higher than a year ago.

The tobacco tax brought in $22.4 million for the month, down $400,000 from estimates but $200,000 more than a year ago.

For the first two months of the fiscal year, the levy generated $40.8 million, or $4.8 million less than a year ago and $3.8 million less than estimated.

The real estate transfer tax produced $20.6 million for the month, $2.1 million more than estimates but $2.9 million less than a year ago.

For the year to date, the levy generated $44.5 million, down $700,000 from a year ago but $8.4 million more than estimated.

According to the DRA, real estate transactions fell 16.1% a year ago and values ​​fell 12.4%.

Liquor revenues, as well as interest and dividends and insurance taxes were slightly above estimates for the month, while communications tax and education property tax collections nationwide state were below estimates for August.

The Road Fund largely included gasoline tax and vehicle registrations collected slightly less than estimates for the first two months of fiscal 2023, at $44.6 million, or $500,000 less than estimates and $1.6 million less than a year ago.

The Fish and Game Fund received $4.3 million for the first two months of the fiscal year, $200,000 more than estimates and $100,000 more than a year ago.