by Brent Addleman
New Hampshire tax collections soared in May, according to the latest Department of Administrative Services numbers.
For the month, New Hampshire brought in a total of $152.2 million for the general and education funds, a 28.8% increase representing $34.1 million over the fiscal year 2023 plan, said Charles M. Arlinghaus, commissioner of the department.
According to a report, New Hampshire brought in $11.7 million more for the month than it had one year ago. Meanwhile, unrestricted revenue came in a $2.8 million for the year, which was $487 million above the plan. However, it fell $21.5 million below last year.
Businesses taxes for May totaled $43 million, which stood $15.5 million above the plan, up nearly 57%. Plus, New Hampshire brought in $3.1 million more than last year.
For the year, business tax collections stood at $285 million more than estimates and $58.7 million more than last year. The increase, according to the department, was due primarily to forecasts for the tax were increased.
Meals and rentals tax came in $2.8 million above the plan for the fiscal year 2023, yet were $500,000 less than last year. The year-to-date receipts for the municipal transfer were $69.1 million more than estimates and $12.1 million more than last year.
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Brent Addleman is an Associate Editor for The Center Square and a veteran journalist with more than 25 years of experience. He has served as editor of newspapers in Pennsylvania and Texas, and has also worked at newspapers in Delaware, Maryland, New York, and Kentucky.
