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State revenue tops Dec. projection, but lags expectations for the year
CONCORD - State revenues are slightly ahead of projections for December, but still below expectations for the year.
In figures released Thursday, business taxes, the tobacco tax, interest and dividends tax, real estate transfer tax, and lottery revenues were all below expectations by at least $1million for December.
The rooms and meals tax and utility property tax were up more than $1 million for the month.
For the year to date, state revenues are $41.8 million below projections and $50.7 million below what was collected last fiscal year.
For the year to date, state revenues have returned $810.2 million, while budget writers projected $852 million would be produced. Last year at this time, revenues totaled $860.9 million.
The biggest deficits are the Medicaid Enhancement Tax, which is below expectations by $41.1 million and $37 million from a year ago, and the tobacco tax, which is $8.5 million below expectations and $13.2 million from a year ago.
Without $9.2 million in Medicaid Enhancement Tax revenue for December that was due in November, state revenues for December would be below expectations by about $5 million.
After the legislature ended payments to the state's largest hospitals for health care they provide that is not paid for, the hospitals asked for federal guidance on the MET and as a result reduced payments to the state by about $50 million.
State lawmakers reduced the tobacco taxes last session with the belief it would spur sales. However, sales have declined and revenues are well below what was collected the year before.
Business taxes produced $ 80.6 million for December, when budget writers projected $83.3 million would be produced.
The tobacco tax produced $17.9 million for the month, while projections were for $19.4 million.
The rooms and meals tax was above expectations of $15.1 million by $1.4 million and liquor revenues produced $13.8 million, $200,000 above projections.
In figures released Thursday, business taxes, the tobacco tax, interest and dividends tax, real estate transfer tax, and lottery revenues were all below expectations by at least $1million for December.
The rooms and meals tax and utility property tax were up more than $1 million for the month.
For the year to date, state revenues are $41.8 million below projections and $50.7 million below what was collected last fiscal year.
For the year to date, state revenues have returned $810.2 million, while budget writers projected $852 million would be produced. Last year at this time, revenues totaled $860.9 million.
The biggest deficits are the Medicaid Enhancement Tax, which is below expectations by $41.1 million and $37 million from a year ago, and the tobacco tax, which is $8.5 million below expectations and $13.2 million from a year ago.
Without $9.2 million in Medicaid Enhancement Tax revenue for December that was due in November, state revenues for December would be below expectations by about $5 million.
After the legislature ended payments to the state's largest hospitals for health care they provide that is not paid for, the hospitals asked for federal guidance on the MET and as a result reduced payments to the state by about $50 million.
State lawmakers reduced the tobacco taxes last session with the belief it would spur sales. However, sales have declined and revenues are well below what was collected the year before.
Business taxes produced $ 80.6 million for December, when budget writers projected $83.3 million would be produced.
The tobacco tax produced $17.9 million for the month, while projections were for $19.4 million.
The rooms and meals tax was above expectations of $15.1 million by $1.4 million and liquor revenues produced $13.8 million, $200,000 above projections.