States April tax revenue numbers are starting to roll in and they are down bigly.
New Hampshire’s tax receipts tumbled in April, providing a glimpse at how severe the pandemic’s impact will be on the state budget. The state collected $76 million less in taxes than it targeted for April. That’s a shortfall of 22 percent.
Business tax receipts, the state’s single largest source of revenue, were down about 40 percent, although some of that is due to filing extensions.
The shuttering of hotels and many restaurants put a big dent in the Meals and Rooms tax. Those collections were down 43 percent.
Real estate taxes held largely steady, though that’s likely because of the lag time in transactions. The state’s tobacco tax was the only bright spot, though not from a public health standpoint. Sales were up 30% from the same month last year.
Source: New Hampshire Public Radio
