State House revenues for Jan. below projections
During January, $100.7 million in revenues were collected, down $3.9 million from projections.
However revenues are ahead of projections seven months into the 2014 fiscal year, with the state taking in $972.8 million, which is $13.1 million ahead of estimates and $600,000 ahead of last year at this date.
Most revenue sources were below estimates for the month with the exception of business taxes and the state utility tax, which were slightly ahead of estimates.
Administrative Services Commissioner Linda Hodgdon said it is difficult to discern a trend from the revenue report.
She noted some money will be counted for January but did not arrive in time bringing the shortfall to about $2 million.
Business taxes produced $15.1 million in January, a small month for collections, but $1 million ahead of estimates. For the year to date, business taxes have produced $256.7 million, which is $4.6 million ahead of estimates, but $2.1 million below last year.
The room and meals, insurance and communications taxes and liquor revenues were slightly below estimates for the month.
The tobacco tax was nearly $1 million below estimates at $14.7 million, which Hodgdon said is attributable to the advanced purchase of tax stamps before last summer’s increase. She said January should be the last month the advanced buy will drag down revenues.The real estate transfer tax is $1.5 million below estimates at $9 million for January. However, the levy has produced $66.3 million for the year to date, which is $2.8 million ahead of estimates and $5.8 million more than a year ago.
The interest and dividends tax is $1.6 million below estimates for the month, producing $11.2 million. Hodgdon said the tax is paid in quarterly estimates based on last year’s taxes.
“When they file their returns,” she said, “we may catch up in April or May.”
For the year to date, the interest and dividends tax is off $3 million returning $32.7 million, and down $2.9 million from the year before.