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October 02. 2012 9:22PM
Business taxes lag, rooms and meals taxes show growth
CONCORD — Business tax collections for September were well below what state budget writers had hoped for in figures released Tuesday by the Department of Administrative Services, keeping overall revenues below projections.
Business and tobacco tax returns were well below projections and offset better revenue from the rooms and meals tax and the real estate transfer tax.
For September, state revenues totaled $192.6 million, down from anticipated revenue of $198.3 million. For the first quarter of the 2013 fiscal year, revenues totaled $398.8 million, which is $2.8 million below projections for the year to date, but $7 million more than was collected a year ago.
Companies reporting on a calendar year schedule pay their estimated quarterly payments in September. For September, business tax payments were $84.8 million, while budget writers anticipated $90.4 million, which is $5.6 million below estimates or down 6.2 percent.
Business taxes totaled $117.2 million for the first quarter of this fiscal year, which is $1.6 million below estimates and $400,000 less than a year ago.
Department of Administrative Services Commissioner Linda Hodgdon said business taxes are a concern but did not have enough information to say what the reason for the decline.
But she noted that business tax refunds are down, which is good news.
Tobacco tax revenues were $4 million less than anticipated at $17 million for the month, which is $2.8 million less than a year ago.
For the first quarter, tobacco taxes totaled $57.7 million, which is $5.4 million less than last fiscal year and $6.8 million less than budget writers anticipated. Hodgdon said tobacco stamps sales are down 11 percent from last September. The current trend indicates the tax will produce even less than it did last fiscal year when it was down $8.5 million for the year.
Lawmakers reduced the tobacco tax by 10 cents a pack in the 2011-1012 operating budget.
The telecommunications tax was also below estimates for September and the first quarter of the 2013 fiscal year.
Lawmakers this year outlawed taxing Internet access. As a result, for September, the telecommunications tax was $1 million below estimates, returning $5.9 million. For the year to date, the tax has produced $18.5 million, which is $1.7 million less than last year and $2.4 million less than a year ago.
The rooms and meals tax produced $28 million in September, which is $2.3 million, more than anticipated and $1.8 million more than a year ago.
For the first quarter, rooms and meals revenues total $78.4 million, which is $4.4 million more than a year ago and $5.6 million ahead of estimates.
The real estate transfer tax returned $8.9 million in September which is the most since June 2010. Revenues were $1.3 million more than anticipated for September and $1.2 million more than a year ago.
For the first quarter, the real estate transfer tax produced $25.6 million, which is $500,000 more than a year ago and $900,000 more than estimates.
grayno@unionleader.com
Business and tobacco tax returns were well below projections and offset better revenue from the rooms and meals tax and the real estate transfer tax.
For September, state revenues totaled $192.6 million, down from anticipated revenue of $198.3 million. For the first quarter of the 2013 fiscal year, revenues totaled $398.8 million, which is $2.8 million below projections for the year to date, but $7 million more than was collected a year ago.
Companies reporting on a calendar year schedule pay their estimated quarterly payments in September. For September, business tax payments were $84.8 million, while budget writers anticipated $90.4 million, which is $5.6 million below estimates or down 6.2 percent.
Business taxes totaled $117.2 million for the first quarter of this fiscal year, which is $1.6 million below estimates and $400,000 less than a year ago.
Department of Administrative Services Commissioner Linda Hodgdon said business taxes are a concern but did not have enough information to say what the reason for the decline.
But she noted that business tax refunds are down, which is good news.
Tobacco tax revenues were $4 million less than anticipated at $17 million for the month, which is $2.8 million less than a year ago.
For the first quarter, tobacco taxes totaled $57.7 million, which is $5.4 million less than last fiscal year and $6.8 million less than budget writers anticipated. Hodgdon said tobacco stamps sales are down 11 percent from last September. The current trend indicates the tax will produce even less than it did last fiscal year when it was down $8.5 million for the year.
Lawmakers reduced the tobacco tax by 10 cents a pack in the 2011-1012 operating budget.
The telecommunications tax was also below estimates for September and the first quarter of the 2013 fiscal year.
Lawmakers this year outlawed taxing Internet access. As a result, for September, the telecommunications tax was $1 million below estimates, returning $5.9 million. For the year to date, the tax has produced $18.5 million, which is $1.7 million less than last year and $2.4 million less than a year ago.
The rooms and meals tax produced $28 million in September, which is $2.3 million, more than anticipated and $1.8 million more than a year ago.
For the first quarter, rooms and meals revenues total $78.4 million, which is $4.4 million more than a year ago and $5.6 million ahead of estimates.
The real estate transfer tax returned $8.9 million in September which is the most since June 2010. Revenues were $1.3 million more than anticipated for September and $1.2 million more than a year ago.
For the first quarter, the real estate transfer tax produced $25.6 million, which is $500,000 more than a year ago and $900,000 more than estimates.
grayno@unionleader.com
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