By GARRY RAYNO, InDepthNH.org
CONCORD — Business, insurance, and hospitality industry taxes helped the state produce a $60.3 million revenue surplus for March.
Total revenue for the month was $749.8 million, which is $48.8 million more than a year ago, and 12.6 percent above the revenue plan to produce a balanced budget.
For the year to date, state levies total $2.24 billion, which is $194.6 million more than a year ago, and $252 million more than estimates.
Business taxes continued strong in one of the more significant months for collections producing $160.3 million, or $42.9 million more than plan and $44 million more than a year ago.
“Partnership returns and extension payments combined were up 41 percent over last March, reinforcing the higher revenue from estimate payments we have been seeing this fiscal year through December,” the Department of Revenue Administration said. “Business taxpayers are also signaling an expectation of higher current tax period liability, as demonstrated by an increase in estimated tax payments of 25 percent as compared to March of 2021.”
For the year to date, business taxes have produced $745.2 million, which is $134.4 million above estimate and $165.3 million more than last year.
The second largest revenue producer for the state in March was the insurance tax which produced $131.7 million, or $18.1 million more than estimates and $8.1 more than last year.
For the year to date, the insurance tax produced $162.9 million, which is $29.2 million more than plan, and $18.9 million more than a year ago.
The DRA said the increase is primarily due to an increased tax base and fees.
The rooms and meals tax has rebounded from the dire days of the pandemic to produce $24.1 million for March, which is $5.4 million more than plan, but $1.7 million below a year ago.
For the year to date, the levy has produced $235.2 million, which is $50.9 million above plan, but $400,000 less than a year ago.
According to the DRA meals activity was up 15 percent from the same month last year and hotel activity up 41.2 percent, but the rate is lower this fiscal year.
The real estate transfer tax continued to perform better than estimates, although the number of transactions has slowed.
The levy produced $12.9 million for March, which is $3.6 million more than estimates and $300,000 more than a year ago.
For the year to date, the tax has produced $178.4 million, which is $27.2 million more than estimates and $24.1 million more than a year ago.
According to the DRA the number of transactions reported by the counties for the month of March were down 17.7 percent compared to the same month last year, but the value of properties was up 5 percent.
Also above estimates for the month were Lottery Commission transfers and the statewide property tax.
Below estimates for the month were the interest and dividends, tobacco, communications, securities and utility property taxes.
The Highway Fund, which is composed largely of the gas tax and vehicle registrations, produced $22 million in March, $1.5 million more than estimates, and $900,000 more than a year ago.
For the year to date, the fund has taken in $191.7 million, which is $7 million more than estimates and $9.6 million more than a year ago.
The Fish and Game Fund took in $600,000 during March, which is $300,000 more than plan and $100,000 more than a year ago.
For the year to date, the fund has taken in $10 million, which is $1 million more than estimates and $500,000 more than a year ago.
Three months remain in the 2022 fiscal year.
Garry Rayno may be reached at garry.rayno@yahoo.com.