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State ends fiscal 2014 with $5.8 million revenue surplus
After several months of concern over sliding revenues, June produced more money than state budget writers estimated by $5 million, although $1 million is because of a Justice Department settlement.
“We continue to see shortfalls in business taxes and the interest and dividend tax, which appear to be related, at least in part, to a number of changes in the state tax code in recent years, as well as to businesses beginning to apply various tax credits and carry forwards accrued during the recession,” said Hassan, who last month imposed a freeze on hiring, out-of-state travel and equipment purchases that use general funds.
The state collected $2.175 billion during fiscal year 2014 in unaudited figures released by the Department of Administrative Services Wednesday, showing a $5.8 million revenue surplus. The state collected $2.27 billion in general fund revenue in 2013, but that includes $47 million from a tobacco company settlement and federal nursing home money that is no longer included in the state’s general fund.
For the fiscal year, interest and dividend taxes produced $80.1 million, which is $16 million below estimates and $13.1 million less than collected in 2013.Budget officials believe changes made in the interest and dividends tax in 2012 are also having a significant impact on the levy. Lawmakers changed the state’s trust laws so that trusts established by an entity or person who gives up the right to the principal or what are called non-grantor trusts would be exempt from the interest and dividends tax.
However, rooms and meals, tobacco and real estate transfer taxes were all at least $3 million more than budget writers anticipated, as were liquor commission profits.
Along with business and the interest and dividends taxes, the insurance, communications, real estate transfer taxes and lottery revenue were all below estimates for the month.
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