N.J. revenue collections suffer due to hurricane

TRENTON – The state reported today that revenue collections took a hit due to Hurricane Irene.

The Treasury Department reported that collections fell 6.9 percent  compared to original budget estimates. The Department stated that tax extentions granted after Irene hit the Garden State delayed tax payments from September to October.

Total collections are 3.6 percent under budget amounts for the first three months of the fiscal year, Treasury stated.

“Taxpayers affected by the storm and the flooding that followed had the opportunity to delay September tax payments until October,” Treasurer Andrew Sidamon-Eristoff said in a release.

He said they believe this understandable extension pushed millions of dollars of collections into October.

September income tax collections were 10.6 percent below forecasts, Treasury reported. Sales taxes were 4.6 percent below forecasts, and corporation business taxes were 7.2 percent behind expectations.

Year-to-date income tax collections were 2.8 percent below budget, sales taxes were 3 percent off, and corporation taxes were 7.8 percent off.

However, compared to the first quarter of the last fiscal year, collections are up 2.6 percent, Treasury reported. Collections for September only were down 3.2 percent compared to September 2010.

September income tax collections were $956,550, down $113,550 from a budget figure of $1,070,100.

September sales taxes were $623,195, down $29,905 from an expected $653,100.

Corporation tax collections in September were $325,276, down $25,424 from an expected $350,700.

  N.J. revenue collections suffer due to hurricane