NJ Treasurer Reports Robust April Tax Collections
New Jersey’s revenues exceeded Governor Chris Christie’s projections in April for the fifth month in a row. State Treasurer Andrew Sidamon-Eristoff reported a nearly 30 percent year-over-year gain in income tax collections combined with better-than expected collections of the sales and corporation business tax to generate monthly revenues of $3.91 billion.
For the ten months ending April 30, revenues from collections of the State’s 17 major taxes are 6.9 percent higher than in the previous year. April also marked the fourth month in a row that sales tax collections have exceeded budgeted levels.
“As expected, New Jersey has experienced a strong 2013 income tax filing season,” said Sidamon-Eristoff. “Moreover, the fact that sales and business income taxes have tracked above budgeted levels in recent months indicates that New Jersey’s diversified economy continues to grow stronger.”
Income tax collections for April totaled $2.23 billion, up 29.1 percent over 2012, as the investment gains many taxpayers realized in 2012 resulted in additional final income tax payments.
Corporation business tax collections were 10.2 percent ahead of budgeted levels at $551.2 million, while sales tax collections came in 4.2 percent ahead of expectations at $760.8 million.