New Jersey’s revenue collections for September came in at $2.3 billion — up 3.9% from last year’s figures, according to recent data from the state’s treasury department.
The state’s top revenues include gross income tax, sales tax, corporation business tax, and lottery tax.
“Income tax collections remain strong as the state’s economy continues to grow,” said New Jersey’s treasurer, Andrew Sidamon-Eristoff. “September sales tax and corporation business tax collections also rose substantially above last year’s levels.”
Income tax collections for the month increased by 7.3% to $1.03 billion. Sales tax collections increased by 5.1% to $654.8 million while corporation tax collections went up by 7.8% to $350.5 million.
For the first quarter of fiscal year 2013, which started in July, total revenue collections were up 1.9% from collections during the first three months of fiscal 2012.
Total income tax collections increased by 3.7% to $1.81 billion — the highest collection ever for the July-to-September quarter. Sales tax collections, however, decreased a modest 0.3% from the same period last year.
“Key indicators continue to show that New Jersey’s economy is expanding at a steady pace,” said Charles Steindel, chief economist for the treasury department.
Standard & Poor’s last month revised the state’s outlook to negative from stable, based on New Jersey’s optimistic revenue assumptions and a structural imbalance.
In April, tax collections missed expectations, leaving New Jersey’s revenues $230.3 million behind forecasts.
The ratings agency said it could lower the state’s AA-minus rating in the next two years if revenue projections turn out to be optimistic, resulting in additional short-term budgetary maneuvering to close the gap.
According to the state’s fiscal 2012-13 budget, total revenues from major taxes for 2012 are estimated to be $13.36 billion and for 2013 are estimated to be $14.16 billion.