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Strong Showing for State Revenues, $58 Million Above Projections

March 4, 2016 Data Viz

Thanks to a steadily growing economy, the state’s FY 2016 revenue situation remains strong. According to the Department of Administrative Services, total General and Education Fund revenue, through the end of February, is $58 million higher than what was expected at this point in time. Furthermore, this does not take into account the $19 million attributed to the tax amnesty program that ran from December 1, 2015 through February 15, 2016.

While over a dozen revenue streams flow into the General and Education Funds, three – business taxes, the meals and rooms tax, and the real estate transfer tax – have been responsible for the vast majority of the positive news. The strength of these particular taxes suggests that the New Hampshire economy is performing well overall, since these revenue streams tend to reflect trends in corporate profits, discretionary consumer spending, and household finances.

The following data visualization is designed to help you understand the data. Within each tab, you can hover over each data point to view additional context. On the right side are seven radio buttons, which allow you to further investigate revenue trends by specific tax type or by total collections.

Below the visualization are some of the numerical highlights from the latest report.

(To view data in full screen mode or on a mobile device, click here.)

 

 

Business profits tax and business enterprise tax

FY 2016 collections (through 2/29/16): $310.7 million

FY 2016 YTD vs FY 2015 YTD Actual: Up $40.7 million (15.1 percent)

FY 2016 YTD vs FY 2016 YTD Plan: Up $35.4 million (12.9 percent)

 

Meals and rooms tax

FY 2016 collections (through 2/29/16): $208.4 million

FY 2016 YTD vs FY 2015 YTD Actual: Up $13.4 million (6.9 percent)

FY 2016 YTD vs FY 2016 YTD Plan: Up $5.9 million (2.9 percent)

 

Real estate transfer tax

FY 2016 collections (through 2/29/16): $97.1 million

FY 2016 YTD vs FY 2015 YTD Actual: Up $14 million (16.8 percent)

FY 2016 YTD vs FY 2016 YTD Plan: Up $12 million (14.1 percent)

 

 

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Common Cents Blog

Declining Business Tax and Other Revenues Suggest Caution for State Budget

15 Aug 2019

tree with coins

As policymakers continue to consider State Budget options and choices during the ongoing continuing resolution, understanding State revenue trends remains critical to determining the State’s ability to pay for needed services and the policy choices that affect available resources. With State Fiscal Year 2019 completed and SFY 2020 underway, recent months of revenue collections have provided some additional insight into whether the State might expect more revenue in future years. Questions remain about the future of business tax receipts in particular, which have been very difficult to predict due to recent abnormal behavior following the federal tax overhaul; however, recent data suggest anticipated declines in receipts may limit revenue going forward.