NH's revenue picture still bleak

Norma Love of the Associated Press reports on New Hampshire's revenue reports. To use a technical term, it ain't good:

Revenue Commissioner Kevin Clougherty told Senate legislators Tuesday that business tax receipts so far were 17 percent behind collections for the same time last April. Clougherty said he expects more tax returns will be filed before the end of the month, but doesn't anticipate a big turnaround in the state's tax income or the economy overall.

April is one of the state's best months for business tax collections, which produce nearly one-quarter of New Hampshire's general tax revenue. The Senate Finance and Ways and Means committees will study the month's receipts before producing a revenue forecast and the Senate version of the state's two-year budget, beginning July 1.

Earlier this month, the House passed an $11.5 billion budget based on spending cuts, federal stimulus money, new taxes and increases in existing taxes. During debate in the House, Finance Chairwoman Marjorie Smith, D-Durham, said she hoped the Senate would improve the House version after lawmakers have additional information on tax receipts.