By GARRY RAYNO, InDepthNH.org
CONCORD — State revenues rebounded in one of the biggest months for collections during the fiscal year — April — returning $38.2 million more than the revenue plan for fiscal year 2024, and $6.1 million more than a year ago.
The rebound came a month after returns were well below plan and the prior fiscal year for March.
For April, the state took in $524.4 million, which was $6.1 million less than a year ago.
For the year to date the state has a $142.4 million revenue surplus with collections of $2.85 billion, and $123.7 million more than a year ago.
Business taxes, which had been performing below expectations for several months, were ahead of the revenue plan by $2.3 million at $284.6 million in April, but $11.1 million below what was collected a year ago.
According to the Department of Revenue Administration, “the decrease in business tax revenue from the prior year was due to an increase in refunds as well as a decrease in returns and extensions received in March and April. Year-to-date business tax refunds were $152.9 million, as compared to $76.9 million in the prior year.”
For the year to date, business taxes have produced $1.025 billion, which is $3.3 million below the plan, and $38.3 million less than a year ago.
The state’s second biggest revenue producer, the rooms and meals tax, was $800,000 below expectations at $24.2 million, but $900,000 more than a year ago.
The DRA said monthly activity was up 6.6 percent for meals, but down 3.8 percent for hotels.
For the year to date, the levy has produced $277 million, which is $5.3 million above the plan for fiscal 2024, and $7 million more than a year ago.
The interest and dividends tax, which will cease to exist after this calendar year, had a bumper month in April with collections of $86.5 million, which is $31.3 million more than anticipated and $17.5 million more than a year ago.
The DRA says “the increase in April’s collections was primarily due to an increase in the number of filers due to higher interest rates, increasing interest and dividends payments resulting in an increase in returns and extensions. Further, tax notices increased due to audit activity.”
For the year to date, the levy has produced $161.3 million, which is $56.7 million more than the revenue plan, and $34 million more than a year ago.
The “Other” category of small fines and fees, and interest on deposits also was well ahead of estimates by $7 million for the month primarily due to interest and indirect cost reimbursements.
For the year to date, the category has produced $137.8 million, which is $75.5 million above the revenue plan, and $69 million more than a year ago.
Other levies producing more than anticipated include transfers from the Lottery Commission, and the utility property, insurance and communications taxes, and court fines and fees.
Levies producing less than the revenue plan were the tobacco, real estate transfer, and beer taxes, transfers from the Liquor Commission and the tobacco settlement collection.
The state’s Highway Fund, garnered largely from the gas tax and vehicle registrations, produced $23 million for the month, which is $700,000 more than planned and $3 million more than a year ago.
For the year to date, the highway fund has collected $214.3 million, which is $2.5 million below plan, but $6.3 million more than a year ago.
The Fish and Game Fund is mostly from hunting and fishing licenses and produced $1.9 million for the month, which is $1.1 million more than anticipated, and $1.7 million more than a year ago.
For the year to date, the fund has collected $11.2 million, which is $1 million more than anticipated and $1.1 million more than a year ago.
Two months remain in the 2024 fiscal year.
Garry Rayno may be reached at garry.rayno@yahoo.com.