New Hampshire state revenue in July dropped by $6.6 million from the same month in 2010, to $86.3 million, the Department of Administrative Services said.
The department, in its monthly report, cited a revenue decline from cigarette sales reflecting a 10-cent cut in the state’s tobacco tax, passed as part of the $10.3 billion budget for fiscal 2012 and 2013.
That move “appears to have resulted in customers delaying purchases into July,” the agency said. Tobacco tax receipts for July were $17.5 million, nearly $4 million below the previous year.
Tax-stamp sales appear in state revenues a month late, so tobacco revenue will feature a large increase when the department releases August numbers early next month, according to commissioner Linda Hodgdon.
New Hampshire’s general obligation bonds are rated Aa2 by Moody’s Investors Service, AA by Standard & Poor’s, and AA-plus by Fitch Ratings.