New Jersey’s Biggest Taxes Track Projections for July, Treasurer Reports
New Jersey’s collections of income, sales and business taxes, its three biggest revenue generators, tracked estimates in the first month of its fiscal year, Treasurer Andrew Sidamon-Eristoff said.
Income-tax receipts were $133 million, less than 1 percent below forecast. Revenue from sales levies came to $21.9 million, compared with a projection of $22 million, while collections from businesses matched a $47 million estimate.
“It’s reassuring that the earliest revenue figures are on target to meet Treasury Department projections,” Sidamon- Eristoff said today in a statement.
Total July collections of $335.7 million trailed the $370 million forecast by 9.4 percent, the treasurer said. The figure for the first month of fiscal 2012 was 34 percent higher than in July 2010, according to the statement.
Starting with July, the monthly reports reflect only cash receipts. Previously, the state reported monthly revenue using an accrual method, which also counted what it expected to collect, said Andrew Pratt, a spokesman for the treasurer.
The 9.4 percent decline reflects the drop in cash collections, not total revenue for July, Pratt said. The state will still be collecting taxes for the month into September, he said. Cash collections from inheritance taxes fell short of the forecast, as did receipts from levies on motor fuels and financial institutions.
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