July's income tax collections in New Jersey increased from the same month last year by $54 million, according to a statement released by the state's Department of Treasury.
Treasurer Andrew Sidamon-Eristoff and Treasury chief economist Charles Steindel said the increase is a sign that the state's economy will generate the revenue necessary to meet the needs of taxpayers in fiscal 2013.
Combined, the state's income, sales and corporate tax cash collections rose by 2.9% to $1.402 billion.
Corporate tax collections were 26.4% higher while sales taxes were 4.4% lower than in July 2011.
"An inflow of $577 million in income tax is a welcome indicator that New Jersey's economy and personal incomes are continuing to grow," Steindel said. "Average personal income in the state has risen 2.9% this year and is up 6.9% since the first quarter of 2010."
Collections for all of the state's major revenues totaled $1.533 billion, up 2.5%.
