By GARRY RAYNO, InDepthNH.org
CONCORD — Business and hospitality taxes continue to drive the state’s overheated revenue stream with one month remaining in the 2022 fiscal year.
State revenues continued their trend of producing significant surpluses over what budget writers predicted last summer when they finalized the two-year budget package.
In May, the $24.3 million revenue surplus put the state up by $406.3 million over what budget writers predicted just a year ago as total state general fund and education trust fund revenues totals nearly $3 billion.
Total revenue for the first 11 months of the fiscal year is $2.7 billion, which is $250.4 million more than a year ago.
Business taxes continued strong with collections producing $39.9 million, or $10.9 million more than planned and $1 million more than a year ago.
According to the Dept. of Revenue Administration, “The increase in revenue for May was largely due to increases in revenue attributable to extension and estimates, and a decrease in refunds.”
For the year to date, business taxes have produced $1.048 billion, which is $228.1 million more than estimates and $199.6 million more than a year ago.
The rooms and meals tax continues to rebound from its significant decline in the early days of the pandemic producing $27.7 million, which is $6.1 million more than estimates, but $4.3 million less than a year ago.
According to the DRA the activity represents a 7.5 percent increase in meals from a year ago, and a 25.7 increase in hotels.
For the year to date the levy has produced $280.1 million, which is $9 million less than a year ago, but $60.7 million more than estimates. The tax rate was lowered in the budget plan approved last year.
The real estate transfer tax collected $16.9 million for May, $1.5 million over estimates. For the fiscal year, the levy has produced $211.8 million, which is $28.3 million more than a year ago, and $32.6 million more than estimates.
According to the DRA the number of sales declined by 15.4 percent from a year ago, but the value of property increased by 7.1 percent
The tobacco tax produced $18.6 million for May, which is $200,000 more than estimates. For the year to date, the levy has produced $210.8 million, which is $13.5 million less than a year ago, and $3.8 million below estimates.
Also above estimates for the month were transfers from the liquor and lottery commissions, securities revenues, and the insurance and interest and dividends taxes.
Below estimates for the month were the communications and utility property taxes, and court fines and fees.
The Highway Fund, which is composed largely of the gas tax and vehicle registrations, produced $20 million in May, $1.6 million less than estimates, but $2.3 million more than a year ago.
For the year to date, the fund has taken in $232.8million, which is $4.7 million more than estimates. The fund total last year at this date was $222.3 million.
The Fish and Game Fund took in $2 million during May, which is $100,000 more than plan, but $700,000 less than a year ago.
For the year to date, the fund has taken in $13.3 million, which is $1.7 million more than estimates, but $500,000 less than a year ago.
One month remains in the 2022 fiscal year.
Garry Rayno may be reached at garry.rayno@yahoo.com.