State revenues come in strong for March
CONCORD - Budget writers received good news Tuesday with state revenues for March - the largest revenue-producing month of the fiscal year - $26.6 million more than projected.
The past two months have been well below projections, so the March numbers showing returns of $616.1 million were a welcome sign, particularly for business taxes which had been lagging significantly the past two months.
Business taxes were $16.8 million ahead of estimates, returning $98 million with estimates of $81.2 million, or a 21 percent increase.
Interest and dividends, securities revenue and liquor profits were also well ahead of projections for March.
For the fiscal year to date, the state has taken in $1.66 billion in revenue, which is $47.8 million more than a year ago, but $14.5 million below estimates for the year. The tax on hospitals, the Medicaid Enhancement Tax, has produced $34 million less than projections.
Business taxes, rooms and meals receipts and the insurance tax have all performed well above estimates for the year to date, while tobacco and the communications taxes are well below estimates.
The fiscal 2013 budget ends June 30.
The House votes on its two-year budget proposal for the next biennium Wednesday.