By GARRY RAYNO, InDepthNH.org
CONCORD — State revenues continued to produce more than budget writers’ estimates during November as business taxes rebounded from last month.
Figures released by the Department of Administrative Services Tuesday indicate the state took in $131. 8 million in general and education fund revenues in November, which is $27 million more than estimates needed for a balanced budget plan at the end of the biennium.
The figure is $9.2 million more than was returned last November.
For the first five months of the 2022 fiscal year, revenues total $876.8 million, which is $98 million more than anticipated, $62.7 million more than a year ago.
Business taxes produced $27.8 million for the month, a surplus of $16.2 million, but $6.7 million less than a year ago.
The Department of Revenue Administration said business taxes are not performing as they traditionally do with large swings in estimates and filings.
According to the tax collecting agency, “the decrease over prior year was primarily due to a decrease in estimate, return, and tax notice payments along with an increase in refunds. Despite the decrease over prior year, business tax revenues were ahead of plan for the month.”
For the year to date, business taxes have produced $313.5 million, which is $60.2 million more than planned and $54.8 million more than a year ago.
The state’s second largest revenue producer, the rooms and meals tax, is rebounding from its low point during the early days of the pandemic.
For November, the levy produced $29.4 million, which is $8 million more than anticipated, but $100,000 less than a year ago.
The DRA notes that activity from meals was up 14.6 percent from a year ago, and hotel activity was up 42.6 percent.
For the year to date, the rooms and meals tax has raised $154.3 million, which is $35.5 million more than estimates and $8.1 million more than a year ago.
The real estate transfer tax continued its strong showing reflecting a still hot market, producing $21.9 million for the month, which $5.1 million more than estimates and about $1 million more than a year ago.
For the year to date, the levy has produced $104.7 million, which is over estimates by $3.5 million, and $17.8 million more than a year ago.
According to DRA, the increase in revenue from a year ago stems from a 5.3 percent increase in values, despite a 34.7 percent decrease in the number of transactions.
For November the tobacco tax produced $600,000 more than anticipated at $19.2 million, but was down $300,000 from a year ago.
For the year to date, the levy has produced $103 million, which is $5.9 million below estimates and $5 million less than a year ago.
Other levies performing at or above estimates for the month were lottery commission revenues, and the interest and dividends, insurance and beer taxes.
Liquor Commission revenues were down $3.2 million from estimates for the month at $11.1 million and down $2.1 million from a year ago.
For the year to date, the commission has produced $54.5 million, which is $4.1 million less than estimates and $5.3 million less than a year ago.
Other revenue sources performing below estimates for the month were the communications and utility property taxes, and securities revenues.
The Highway Fund, which also experienced significant disruptions at the beginning of the pandemic, produced $21.6 million which was $500,000 more than estimates.
The Fish and Game Fund returned $600,000 for November, which is $100,000 below estimates.
Garry Rayno may be reached at firstname.lastname@example.org.