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Tax revenues indicate that New Jersey’s economy is on the upswing

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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.

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Posted: July 26th, 2013 | Author: | Filed under: Declan O'Scanlon, Economy, New Jersey, New Jersey State Budget | Tags: , , , , , | 1 Comment »