New Jersey tax collections for December beat target for 2nd straight month
By APFriday, January 15, 2010
NJ tax collections beat projections for December
TRENTON, N.J. — New Jersey’s tax collections are higher than projected for the second straight month.
Collections for December totaled $2.75 billion, beating expectations by about $39 million.
The better-than-expected monthly collection was led by gross income tax receipts, which were 10 percent higher than projected.
November’s revenue collections were just above expectations, also on the strength of the gross income tax.
The corporate business tax and sales tax remained below targets for December. Casino revenue was 11 percent below projections for the month.
State Treasurer David Rousseau says total tax collections through December remain off-target.
The current state budget has been rebalanced with additional cuts to make up for the revenue shortfall.
