Despite COVID-19 uptick, November state revenues continue upward trend
CONCORD – COVID-19 may be surging in New Hampshire, but it is having a marginal effect on state revenues which continue to perform better than budget writers anticipated.
Although November is not a large month for state revenue collections, state levies produced $141.3 million, or $27.8 million more than the budget plan for the month.
For the year to date, the state has received $815.7 million, which is $76.4 million more than anticipated or 10.3 percent above plan, and $75.1 million more than a year ago at this date.
Business tax receipts are less in November than many other months, but did produce $32.5 million, which is above estimates by $22.1 million.
For the year to date, business taxes have produced $258.7 million, which is $55.8 million more than a year ago, and $60.5 million above the budget plan for a balanced budget at the end of the biennium June 30.
According to Department of Revenue Administration officials, the increase is primarily due to several large corporate payments, and an increase in estimates, extensions and tax notice payments, along with a decrease in refunds.