Administration reports 3% July revenue hike over same month of 2011

TRENTON – The Christie administration is reporting that revenue collections for July are up 3 percent over the same month of last year.

For the trio of main revenues – gross income, sales and corporate business – collections last month rose $40 million in comparison to July 2011, the governor’s office stated.

According to the governor’s office, the breakdown shows that for gross income taxes in July, the amount collected was $577,064,000 compared to $522,906,000 in July of last year, an increase of 10.4 percent.

For sales taxes, the comparison between July of this year and July of last year is $733,944,000 to $767,449,000, a drop of 4.4 percent;

And for corporate business taxes, July 2012 figures are $91,124,000 compared to July 2011 figures of $72,113,000, a hike of 26.4 percent.

Those totals shows a July 2012 figure of $1.402 billion compared to a July 2011 total of $1.362 billion,  an increase of 2.9 percent, the governor’s office reported.

Christie’s office used those revenue figures to reiterate the call for an immediate tax cut, one Democrats have said they won’t agree to until the revenues are there to support it.

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Administration reports 3% July revenue hike over same month of 2011