NJ Tax Collections Above Estimates in November

New Jersey collected $1.73 billion in taxes last month, 1 percent better than expected but off slightly through the first five months of the fiscal year.

The Treasury Department's monthly revenue report indicates strong corporation business tax collections for the month, which offset underperformances in income and sales tax revenues.

Overall, tax collections are off 1.2 percent, or about $98 million, through November.

Sales and income tax collections are performing as expected for the year. Corporation business taxes are off by nearly 5 percent, while casino revenues are underperforming by 1 percent.

The amount of taxes the state collects determines the state budget. Gov. Chris Christiewill propose a new state budget early next year for the fiscal year that starts July 1.

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