September revenues: 10% ahead of last year, 1.5% off FY14 budget

TRENTON – Total tax revenues for September, compared to September last year, are up 10.1 percent, according to state revenue figures released this afternoon.

Total revenues for September compared to the FY 2014 budget are 1.5 percent behind projections, the state reported.

For the comparison of the two Septembers the state took in $2.51 billion this year compared to $2.28 billion last year.

The income tax revenues for September were $1.17 billion compared to $1.02 billion in September 2012, an increase of 14.7 percent.

Income tax collections for the first three months of the fiscal year totaled $1.94 billion, up 7.7 percent over the same period in the prior year, the state reported.

Income tax collections for September were up 2.1 percent over the budgeted figures. There was a 1.8 percent shortfall in actual September sales tax revenues compared to the budgeted amount: $703 million compared to $715 million.

And corporation business taxes showed a shortfall of 8.4 percent between September collections and budgeted figures: $334 million compared to $365 million.

And for the three months ending Sept. 30 compared to the budgeted expectations, the state took in $4.536 billion compared to $4.598, 1.3 percent below projections.

“At this early point in the fiscal year, monthly cash collections in relation to monthly cash targets provide only a limited indication of broader revenue trends; however, the strong performance we are seeing in collections relative to the growth targets we have set for the full fiscal year is an encouraging sign,” said State Treasurer Andrew Sidamon-Eristoff in a release. “It indicates that the New Jersey economy is continuing to gain momentum.”

September revenues: 10% ahead of last year, 1.5% off FY14 budget