NJ Revenue Collections Seeing Increase From Last Year
Tax collections in New Jersey are up 3.6 percent so far from a year ago.
The revenue picture, released Monday by state treasury officials, reflects three-quarters of the fiscal year.
Officials say the state collected $16.1 billion through March, up from $566 million from the prior year. That’s $263 million less than the projection laid out last June, but just $46 million less than the revised projection in February.
Treasury’s chief economist, Charles Steindel, says key indicators such as employment and car sales have risen steadily in recent months, helping boost sales and income tax collections and other revenue.
The constitution requires the budget to be in balance, so the state cannot spend more money than it takes in.
The fiscal year ends June 30.
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