State Rep Tim. Lang: Lower state spending, tax cuts, contribute to healthy NH economy

To The Daily Sun,

If you didn't notice, the New Hampshire economy is doing great, as proven by the August State Revenue report aka tax receipts, which are again above previous projections.

Unrestricted revenue for the General and Education Funds received for the month of August totaled $141.8 million, which was above the plan by $10.4 million (7.9%) and above the prior year by $20.9 million (17.3%). Year to date (YTD) unrestricted revenue totaled $262.2 million, which was above plan by $17.9 million (7.3%) and above prior year by $8.0 million (3.1%).

Tax Source Highlights:

Business Taxes for August totaled $23.2 million, which were $3.7 million (19.0%) above plan and $11.2 million (93.3%) above prior year.

Meals and Rentals Tax receipts for August totaled $34.8 million, which is above plan by $8.3 million (31.3%) and above prior year by $3.8 million (12.3%), and YTD collections were $13.1 million (26.6%) above plan and $7.3 million (13.3%) above prior year.

Transfer from Liquor Commission in August was $14.1 million or $0.3 million (2.2%) above plan and above prior year by $0.4 million (2.9%).

Real Estate Transfer Taxes for August were $23.5 million, which were below plan by $0.4 million (1.7%) and $5.1 million (27.7%) above prior year. YTD collections were $0.5 million (1.1%) below plan and $12.2 million (37.0%) above the prior year.

Gas Tax: According to Road Toll Operations, actual fuel consumption is up 8.34% YTD over the same period last year. Fuel consumption for the month of July 2021 compared to July 2020 was up by approximately 3.87%.

Liquor transferred $1,000,000 to Alcohol Abuse Prevention and Treatment Fund to help people with drinking problems.

In summary: People continue to go out eating, drinking, fishing, hiking, buying homes, and there are no indication that will stop anytime soon. The passing of the best state budget in the nation, and only state budget that actually cut state spending and reduce taxes on its citizens, seems to be having a positive effect on our economy.

State Rep Tim. Lang

Sanbornton