New Jersey tax collections are up near the midway point of the 2016 fiscal year, but still lag behind projected revenue growth, according to the State Department of Treasury.
The Garden State has collected $240 million more in revenue, a 2.8% increase, five months into the fiscal year calendar compared to 2015, according to data released by Acting Treasurer Ford M. Scudder on Dec. 16. The treasury department was forecasting a 3.4% revenue growth at this point in the year.
Income tax collections have grown 3.7% since July 1, down slightly from a 3.9% forecast. Corporate business taxes are lagging behind projections down 21% for the year. Sales tax revenues are exceeding expectations up 4.6% compared to a projected 2.9% growth.
New Jersey is rated A2 by Moody's Investors Service and A by Fitch Ratings and Standard & Poor's.
