New Jersey’s revenue collections from July through November are $358 million above budgeted estimates due to stronger-than-expected personal and corporate tax receipts. The state collected $9.81 billion of tax receipts during the first five months of fiscal 2011, which began July 1 — 3.8%, or $358 million, more than budgeted projections.
While gross income and business tax revenue respectively came in 12.7% and 14.3% above expectations, sales tax revenue underperformed. The state received $3.14 billion of sales tax revenue from July through November — $44.5 million, or 1.4%, less than what officials had budgeted for. Lottery revenues, motor vehicle fuel taxes and fees are also down.