House Majority Leader Reacts to State Revenue Report for May

CONCORD – House Majority Leader Richard “Dick” Hinch (R-Merrimack) offered the following statement relative to the monthly revenue report issued by the Department of Administrative Services. According to the report, “Business Taxes for May totaled $13.1 million, which were $3.8 million below plan and $4.0 million below prior year.” However, “YTD business tax collections, net of revenue identified as tax amnesty, were above plan by $57.1 million (12.1%) and $61.4 million (13.1%) above the prior year.”

“Last month, when revenues looked a bit rosier, the governor came to us with a shopping cart of proposals, spending millions of dollars of the potential surplus funds. The legislature pushed back, realizing that we shouldn’t make spending decisions based on partial-year data. We are cognizant that we need to look at revenues over the biennium, and this is a great example of why the governor’s rush to spend would have been a problem. “ said House Majority Leader Dick Hinch. “Year-to-date, business tax revenue is still ahead of plan by $57 million, or roughly 12%. We’re hopeful that even if there are less-than-stellar months, we will maintain a positive position on business tax and other revenue.”