New Jersey tax collections are up 3.9% at the halfway point of the 2016 fiscal year, according to the State Department of Treasury.
Year-to-date revenue surpassed $11.8 billion through December and is ahead of the projected growth rate of 3.4%, according to data released Friday by the acting treasurer, Ford M. Scudder. Gross income tax, the state's largest revenue source, is up 6.1% from the year-earlier period and is above the projected yearly growth rate of 3.9%.
Sales tax collections are up 4.6% compared to a projected growth rate of 2.9% for the fiscal year.
Corporate business tax collections have lagged and are down 14.6% midway through the year. Revenues from this tax was projected to grow 3.4% for 2016.
New Jersey is rated A2 by Moody's Investors Service and A by Fitch Ratings and Standard & Poor's.