Treasury reports sales tax record for August; corporate income taxes off

TRENTON – New Jersey’s sales tax collections in August set a record at $739 million, 1.9 percent ahead of the budgeted amount, according to the Treasury Department.

But corporate income taxes lagged for the same period, from $60 million budgeted to $43.3 million actual, off nearly 28 percent, the state reported.

For income taxes, budgeted vs. actual August figures were $636 million vs. $625 million, off 1.6 percent.

For the period of July/August compared to budgeted amounts, the income tax of $767 million is 0.4 percent more than the budgeted amount.

For the same period regarding sales and corporate taxes, the figures are $739 million, up 1.9 percent, and $98 million, down 21 percent from the budgeted figures.

The results for August reflect the initial fiscal year-end allocation of revenues between Fiscal Year 2013, which ended on June 30 and Fiscal Year 2014, which started on July 1, the state reported.

Charles Steindel, chief economist, said the sales tax gain “likely reflected a strong increase in car sales as well as step-up in construction activity.”

Total revenues for the month of August compared to budgeted amounts are $1.669 billion actual and $1.699 budgeted, off 1.8 percent.

Treasury reports sales tax record for August; corporate income taxes off