NJ’s February Tax Collections Up

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TRENTON – February’s income, sales and business tax collections were 9.5 percent above fiscal 2012 budget forecasts, according to state Treasurer Andrew Sidamon-Eristoff. February 2012 revenue improved 20 percent above February 2011 figures, according to the treasurer.

For the fiscal year to date, New Jersey’s revenue remains $243.2 million — 1.7 percent – below Christie administration budget estimates.

“Robust collections in February brought New Jersey closer to fiscal 2012 revenue forecasts certified more than eight months ago,” Sidamon-Eristoff said. “As we anticipated, New Jersey’s ongoing economic recovery is beginning to strengthen our revenues. Our expectation is that this strengthening will continue through the end of the current fiscal year and fiscal 2013.”

The state collected $668.2 million in income tax revenue in February, up 36 percent from February 2011. Sales tax revenue totaled $578 million, up 8.1 percent from a year ago.

“Economic statistics show thousands of New Jersey residents are seeing greater incomes and job opportunities,” Treasury Chief Economist Charles Steindel said. “If the recovery continues as current indicators suggest, more New Jerseyans will see better times and state revenue will continue to grow.”

 


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