Treasury: Tax-filing season boosts revenues

TRENTON – New Jersey income tax revenues for April were $2.23 billion compared to $1.73 billion for April 2012, a 29 percent increase, the Treasury Department reported Thursday.

For the year to date, income tax collections were $9.64 billion compared to $8.55 billion for the same year to date period in 2012, an increase of nearly 13 percent.

Comparing April this year to April last year in corporation business taxes, the increase was 19 percent: $551 million to $462 million.

And sales taxes in April were $760 million compared to $732 million in April 2012, a 3.8 percent hike, Treasury reported.

Looking at the revised budget vs. actual April income tax collections showed a dip of 2.7 percent, or $61 million, from $2.234 billion in actual collections in April compared to $2.295 billion under the revised cash budget, Treasury reported.

However, for both corporation business and sales taxes, actual April collections were up 10.2 percent and 4.2 percent, respectively, compared to revised cash budget figures.

For the 10-month period ending April 30, compared to the same period ending April 30, 2012, Treasury reported that all three major revenues were up.

Income taxes were up .3 percent, $24 million; sales taxes were up .9 percent, $55 million; and business taxes were up 1.4 percent, $24 million.

“As expected, New Jersey has experienced a strong 2013 income tax filing season,” Treasurer Andrew Sidamon-Eristoff said in a release.

“Moreover, the fact that sales and business income taxes have tracked above budgeted levels in recent months indicates that New Jersey’s diversified economy continues to grow stronger.”

The revenue figures were announced on the same day the latest jobless figures came out, showing the state’s unemployment rate dipped to 8.7 percent.

Realty transfer taxes in April showed a 5.3 percent increase from April 2012, $12.7 billion compared to $12.1 billion. For the year to date, realty transfer taxes showed a 12.9 percent growth, from $138 million to $156 million.

Treasury: Tax-filing season boosts revenues