Sandy Pushed Down NJ Revenue for November
New Jersey officials say Superstorm Sandy held down state revenues for November as people cut back on driving, shopping and gambling.
Some tax filing deadlines were also extended for those hit by the storm. The state brought in $1.5 billion in revenue, about $200 million less than anticipated.
But the Treasury Department says it remains on target for revenue overall for the fiscal year that started July 1. Treasurer Andrew Sidamon-Eristoff says he expects the recovery efforts will result in higher revenue in some areas in coming months.
In November, income tax revenue was 11 percent below projections. Sales and gas taxes were also lower than expected.
Casinos brought the state less than half of what they were expected to.
(Copyright 2012 by The Associated Press. All Rights Reserved.)