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Sandy Slams New Jersey Revenues

Due to Hurricane Sandy's impact, New Jersey state government's November total revenues came in 10.8% lower than budgeted.

While the state had projected pulling in $1.7 billion in November, instead it got $1.52 billion. Both income and sales taxes were down 10% from projected levels. Transfer inheritance taxes were 32% below budgeted levels and casino revenue taxes were 51% under budget.

For the five months ending November 30, New Jersey revenues were running 5.6% below budgeted levels.

"Sandy and its aftereffects depressed many revenue components, most notably sales, income, gasoline, casino, and realty transfer taxes," New Jersey Treasury chief economist Charles Steindel said. "What's reassuring is that even a storm like Sandy couldn't prevent income tax revenue from reaching a five-month record high."

The state allowed Sandy-affected taxpayers to delay payments until Nov. 14.

"In addition, the Division of Taxation has granted longer extensions of filing on a case-by-case basis to taxpayers who suffered unavoidable delays due to destruction of property and other storm-related impediments," said the Department of the Treasury.

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