TRENTON – The Treasury Department reported Wednesday that income tax collections over the first nine months of fiscal year 2013, coupled with a third month of strong sales tax collections, resulted in overall revenues for March that surpassed budgeted levels by $25.7 million.
March revenues exceeded the revised budgeted level for the month by 1.4 percent, with income taxes 17.6 percent, and sales taxes 4.3 percent ahead of target, Treasury reported.
“The results in March continued the positive revenue trends we have been seeing since December of last year,” said State Treasurer Andrew Sidamon-Eristoff. “It gives us growing confidence that the recovery in the State’s economy is getting stronger from week to week.”
For the year so far, the state reported actual revenues of a total of $16.74 billion, compared to revised budget figures of $16.72 billion, a difference of .2 percent.
For the year to date income tax revenues were $7.40 billion actual compared to a revised budget of $7.32 billion.
For the year so far, corporation business tax revenues fell 2.1 percent, $1.23 billion actual compared to $1.26 billion budgeted.
And sales taxes for the year so far grew .5 percent, $5.34 billion actual compared to $5.32 billion budgeted.
For the fiscal year to date, income tax collections are up 8.6 percent, sales tax collections have risen 3 percent, and the state’s overall collections from its major taxes are up 4.1 percent to $16.7 billion, Treasury reported.
The Star-Ledger reported today that according to the Office of Legislative Services, the revenue collections will fall $637 million short of the administration’s projections over the next 15 months.