TRENTON – The state income tax revenue was higher than projected in May but the other two big tax revenues – corporate and sales – were lower, the Assembly Budget Committee was told.
In late May, $25.63 billion in revenues were projected. However, the actual total in revenues was $25.37 billion, some $254 million less, or 2.9 percent, according to revenue figures.
The income tax revenues were $11.1 billion, or $208 million higher than the $10.9 billion projected in late May, the committee was told during Office of Legislative Services budget officer David Rosen’s appearance today.
Sales tax revenues, however, were lower than projected. The actual total was $7.946 billion. In May, the administration was projecting $8.04 billion, according to Rosen, who was asked to appear and testify about FY2012 revenues.
The corporation tax revenue amount was $2.027 billion, 9 percent lower than the $2.314 billion projected in late May, Rosen explained.
Assemblyman Declan O’Scanlon, (R-13), Little Silver, dismissed the purpose of the budget hearing, and engaged in a little back and forth with Chairman Vincent Prieto, (D-32), Secaucus.
“This is more show than substance,” O’Scanlon said.
Prieto responded, “If the Treasurer would be here, we’d have more substance.” Treasurer Andrew Sidamon-Eristoff declined the panel’s invitation.
The committee chairman added that the treasurer told him the revenues are monitored regularly.
“Don’t try to miscue this,” Prieto said to O’Scanlon.
But O’Scanlon said the Democrats are making an issue out of a relatively minor difference.
“Shortfall is less than 1 percent of this budget,” he said. “We need to be honest about what we’re doing here today.”