TRENTON – New Jersey’s income tax collections in June set a monthly record, according to the Treasury Department, which issued revenue figures Thursday.
In the year-to-date collections, there was a 12.4 percent increase in income tax collections, plus a 3.7 percent gain in sales tax revenues, Treasury reported.
The other major revenue source, corporation business taxes, dipped year to date in June 1.2 percent, Treasury stated.
The collections of all revenue sources through June are $143 million ahead of the state’s revised projections, according to the Treasury Department.
For June 2013 compared to June 2012, income taxes were $1.09 billion compared to $1.02 billion, up 7.3 percent; sales taxes were $725 million compared to $663 million, up 9.4 percent; and corporation taxes were $503 million compared to $528 million, down 4.8 percent.
For June year to date 2013 compared to June year to date 2012, income tax collections were $11.5 billion compared to $10.2 billion; sales taxes were $7.4 billion compared to $7.1 billion; and corporation taxes were $2.40 billion compared to $2.43 billion, Treasury stated.
“We’re continuing to see real strength in our income and sales tax collections,” said State Treasurer Andrew Sidamon-Eristoff in a release. “The positive trend for these revenue sources tells us that conditions in the state’s overall economy are improving month by month.”
“June was the second straight month, and the sixth in fiscal year 2013 to see a new record high for income tax collections,” state economist Charles Steindel said in a release.
Treasury reported that income, sales and corporate business taxes as a group beat their targets by 7.8 percent.