New Jersey’s tax collections for fiscal 2012 are up from the same period last year, but April results were below expectations, the Treasury Department said last week.
“While April’s revenues were somewhat below expectations, reliable indicators show that New Jersey’s economy continues to grow,” the Treasury’s chief economist, Charles Steindel, said in a statement.
April collections totaled $3.26 billion, with income tax down 1.2%, sales tax up 3.8%, and corporate businesses down 15.4% from last year. In 2011, April’s collections were $3.3 billion.
For the year to date, collections now stand at $19.3 billion, up from $18.8 billion during the same period last year. Income tax collections for the year are up 2%, the sales tax is up 3.1%, and corporate business tax is up 0.7%.
New Jersey receives other cash collections from the lottery, motor fuels, motor vehicle fees, and casino revenue, among other sources. Steindel said the economic growth for the fiscal year is a “good sign for the future.”