New Jersey’s tax revenues exceeded projections for the seventh consecutive month and income tax collections were the highest ever in June, even without a “millionaires tax.”
The Treasury Department announced yesterday, that income tax collections in fiscal 2013 were 12.4% higher that in fiscal 2012 (the fiscal year ends on June 30) and sale tax collections increased 3.7%.
The State’s fiscal 2013 revenue collections through June totaled $25.6 billion, $1.58 billion higher than in fiscal 2012.
The revised State 2013 Budget was $31.19 billion. Treasury spokesman Bill Quinn told MMM that the $5.59 billion difference between revenue collected and the budget is 1) taxes due in June, $1 billion or more, but not collected until July, inter-fund transfers from dedicated funds with surpluses, funds from the lottery, and other miscellaneous fees and taxes. In fiscal 2012, the State collected $7.82 billion in revenue from sources other than the income tax, sales tax and corporation business tax.
Assemblyman Declan Scanlon ,the Assembly Republican Budget Officer, said, “The latest revenue update reflects our state’s improved job creation numbers, particularly in the private sector, and the confidence which people have in New Jersey’s economy. Income tax and sales tax collections are correlated to the sustained job creation we have seen and the increased confidence by consumers. People who have a steady job contribute to our economic growth and send a positive message to businesses throughout the state.
“New Jersey was in a very dark place in many categories when Governor Christie took over. Today’s stellar economic numbers bear out the wisdom of the conservative fiscal policies we’ve implemented under this administration. Our state is not only weathering the havoc created by Sandy, but the continued good news about revenues and jobs demonstrates we have every reason to maintain our optimism.”