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August 01. 2012 8:40PM
State revenues exceed estimates for first month of fiscal year 2013
CONCORD — Business taxes helped push state revenue for the first month of the 2013 fiscal year $7.9 million ahead of estimates.
The state took in $99.7 million in July, which is $13.4 million more than the state took in a year ago.
While good results from the business, rooms and meals, and real estate transfer taxes are encouraging, said Department of Administrative Services Commissioner Linda Hodgdon, she would be reluctant to base a forecast on the results.
“Let's hope,” Hodgdon said.
“We are off to a good start for the new fiscal year, with revenues up almost 9 percent for the month of July. It's good to see that business taxes are healthy for the month, particularly the business enterprise tax, which is a sign of the state's employment strength, and it was up nearly 28 percent over projections,” said House Speaker William O'Brien. “The tobacco tax was also up again, after being right in line with projections for the last six months of the last fiscal year. This is a solid first month, and that's important since we know that we have several fiscal challenges for this year.”
Business taxes returned $17.9 million, $2.7 million than budget writers anticipated and $2.8 million more than a year ago.
The rooms and meals tax produced $23.3 million in July, $2.4 million ahead of plan and $2.2 million more than a year ago.
The Department of Revenue Administration attributed the good results to an improved economy and good weather in June.
The tobacco tax was slightly ahead of target, producing $19.2 million in July, while liquor revenue also was about what was anticipated, returning $12.1 million. Also, the communications tax was on target returning $7.2 million for the month.
The real estate transfer tax is beginning to rebound after years of dismal returns. In July, the tax produced $8.5 million, 13.3 percent ahead of estimates and about $1 million more than a year ago.
Below estimates for the month were the securities, utility consumption, beer and gaming taxes. The only levy to produce less than it did a year ago was the beer tax, down $100,000 on returns of $1.3 million.
State revenue in July is relatively small. The first large returns usually occur in September, when quarterly business payments are due.
State budget writers expect revenues to total $2.3 billion for the 2013 fiscal year.
grayno@unionleader.com
The state took in $99.7 million in July, which is $13.4 million more than the state took in a year ago.
While good results from the business, rooms and meals, and real estate transfer taxes are encouraging, said Department of Administrative Services Commissioner Linda Hodgdon, she would be reluctant to base a forecast on the results.
“Let's hope,” Hodgdon said.
“We are off to a good start for the new fiscal year, with revenues up almost 9 percent for the month of July. It's good to see that business taxes are healthy for the month, particularly the business enterprise tax, which is a sign of the state's employment strength, and it was up nearly 28 percent over projections,” said House Speaker William O'Brien. “The tobacco tax was also up again, after being right in line with projections for the last six months of the last fiscal year. This is a solid first month, and that's important since we know that we have several fiscal challenges for this year.”
Business taxes returned $17.9 million, $2.7 million than budget writers anticipated and $2.8 million more than a year ago.
The rooms and meals tax produced $23.3 million in July, $2.4 million ahead of plan and $2.2 million more than a year ago.
The Department of Revenue Administration attributed the good results to an improved economy and good weather in June.
The tobacco tax was slightly ahead of target, producing $19.2 million in July, while liquor revenue also was about what was anticipated, returning $12.1 million. Also, the communications tax was on target returning $7.2 million for the month.
The real estate transfer tax is beginning to rebound after years of dismal returns. In July, the tax produced $8.5 million, 13.3 percent ahead of estimates and about $1 million more than a year ago.
Below estimates for the month were the securities, utility consumption, beer and gaming taxes. The only levy to produce less than it did a year ago was the beer tax, down $100,000 on returns of $1.3 million.
State revenue in July is relatively small. The first large returns usually occur in September, when quarterly business payments are due.
State budget writers expect revenues to total $2.3 billion for the 2013 fiscal year.
grayno@unionleader.com
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