By GARRY RAYNO, InDepthNH.org
CONCORD — State revenues for October continue their trend of being more than estimates, buoyed by business taxes, interest earned on federal money and large lottery jackpots.
The state coffers received $169 million in revenue for October, which is $25.5 million more than estimates and $4 million more than a year ago.
For the first third of the 2024 fiscal year, revenues total $808.5 million, which is $61.9 million more than estimates and $38.3 million more than a year ago.
Business taxes continued to outperform budget writer estimates, producing $41.6 million for October — not a big month for business taxes — which is $11 million more than estimates, and $600,000 more than a year ago.
According to the Department of Revenue Administration, the increase in business tax revenues is due to increases in estimates, returns and extensions.
For the year to date, business taxes produced $325.9 million, which is $40.1 million over estimates and $27.1 million more than a year ago.
The state’s second largest revenue producer, the rooms and meals tax, was close to estimates, producing $29.5 million, which is $300,000 over estimate and $1.4 million more than a year ago.
According to the DRA, the returns indicate taxable meals were up 4.8 percent over last year for October.
For the year to date, rooms and meals revenue has produced $129.4 million, which is below estimates by $300,000, but $3.9 million more than a year ago.
The Lottery Commission transferred $18.3 million to the Education Trust Fund in October, which is $4 million more than estimates, and $4.6 million more than a year ago.
The DRA said the additional revenue was due to a large Powerball jackpot.
For the year to date, the commission has transferred $48.3 million to the Education Trust Fund, which is $7.6 million more than the estimate, and $6 million more than a year ago.
The “Other” category, which includes such things as interest, small fees and taxes, produced $15.5 million for the month, which is $8.7 million more than estimates, and $1.1 million more than a year ago.
The DRA said the money is largely due to interest from funds including federal relief and recovery money that has yet to be spent.
For the year to date, Other has collected $45.8 million, which is above estimate by $25.7 million, and $26.7 million more than a year ago.
The interest and dividends tax, which will be phased out by the end of the biennium, produced $10.3 million which is $5.6 million more than estimates and $4.8 million more than a year ago.
For the year to date, the levy has produced $35.9 million, which is $12.1 million more than estimates, and $8.8 million more than a year ago.
The insurance and communications taxes also produced more than estimates for October.
Below estimates for the month were the tobacco, real estate transfer and security taxes as well as the liquor commission transfer to the general fund.
Liquor produced $11.7 million for October, down $1 million from estimate and $1.6 million less than a year ago. For the year to date, liquor has produced $39.9 million, which is below estimate by $2.7 million.
The tobacco tax, which has been below estimates for several years, produced $16.6 million, which is below estimate by $1.7 million, and $2.4 million from a year ago. For the year to date, the levy has produced $67.7 million, which is below estimate by $9.8 million.
The real estate transfer tax produced $17.3 million in October, which is below estimate by $1.8 million, and $4.5 million less than a year ago.
For the year to date, the transfer tax produced $71.9 million, which is $12.9 million less than estimates.
The Highway Fund, composed mostly of gas tax receipts and vehicle registrations, produced $22.7 million for the month, which is $600,000 more than estimates and $300,000 more than a year ago.
For the year to date, the fund has taken in $86.4 million, which is $1.9 million less than estimates, but $900,000 more than a year ago.
The Fish and Game Fund produced $900,000 for the month, which is $100,000 more than estimates, and $300,000 more than a year ago.
For the year to date, the fund holds $5.8 million, which is $100,000 less than estimates, but $200,000 more than a year ago.
Looking forward, November is not traditionally a large revenue month.
Garry Rayno may be reached at garry.rayno@yahoo.com.
