May 5, 2015 1:24 PM
Landrigan: State revenues fail to meet benchmarks for April
CONCORD - Legislative leaders hoping the state’s economy recovery would translate into higher tax and fees came away disappointed by last month’s revenue report.
The state took in $273 million which was $4 million or 1.5 percent less than the forecast for the month.
April serves as one of the four biggest months of the year for revenue.
With nine months in the books, the state remains $29.3 million over the plan which is 1.5 percent better than expected.
Most discouraging were receipts from the state’s two main business taxes on corporate profits and business activity. The two were off by $7.6 million or 8.4 percent.
There were some positive returns such as receipts from the tobacco tax that were up 13.3 percent over forecast and the tax on hotel rentals and restaurant meals which were up 6 percent.
The best performer continues to be the tax on property transfers as an improving real estate market continues to bring in cash over expectations.
For the month, the tax the buyer and seller of property pay was 29.5 percent better than had been thought to be the case.
A spokesman for Americans for Prosperity, a fiscally conservative interest group, said the subpar performance of business taxes cries out for legislation to cut their rate.
“This disappointing revenue report shows that our economy is going backwards in New Hampshire, and is a clear sign that the state needs a growth agenda to get us out of the malaise we currently see,” said Greg Moore, AFP-NH state director.
“With business taxes actually falling from last year, it’s clear that the recovery that is taking place across some parts of the country is not happening here. New Hampshire simply needs to become more competitive if we want to see our economy – and our state revenues – grow in the future.”