New Jersey October Revenue Rose 6.8% Despite Sandy
New Jersey collected $1.9 billion in tax revenue last month, up 6.8 percent from October 2011, even though superstorm Sandy depressed receipts from casinos, the state treasurer’s office said.
While revenue is up 3.4 percent for the first four months of fiscal 2013 compared with the same period a year earlier, receipts still trail budget forecasts by $263.8 million, or about 4.1 percent. The spending plan projected $31.8 billion.
Gross income-tax collections, the state’s largest revenue source, climbed to almost $890.6 million, or 25 percent more than in October 2011, according to a statement from Treasurer Andrew Sidamon-Eristoff. Receipts from the levy exceeded projections for the month by 4.2 percent, he said. Revenue from the tax has topped budgeted amounts by 1.6 percent year to date.
“The strength of the income-tax revenue is striking and reflects sustained growth in personal incomes going into the storm,” Charles Steindel, the Treasury Department’s chief economist, said in the press release.
Sandy, which battered the state Oct. 29, came ashore near Atlantic City, home to casinos that produce more revenue than any other group in the U.S. outside of Las Vegas, after weather forecasters had been predicting a devastating “Frankenstorm” for days. The storm affected revenue from gambling operations, as well as sales-tax receipts and state lottery sales, Sidamon- Eristoff said. Sandy’s full effects will be better gauged in November’s figures, he said.
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