(The Center Square) – 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.
