April Numbers Below Expectations

Trenton, NJ – While tax collections for Fiscal Year 2012 are up from the same period last year, April results missed expectations, leaving New Jersey’s revenues $230.3 million behind February’s revised forecasts for the first 10 months of the fiscal year. 

Collections for Fiscal Year 2012 now stand at $19.3 billion, up from $18.8 billion during the same period last year.  April collections were $3.26 billion, down from $3.32 billion a year earlier. 

“While April’s revenues were somewhat below expectations, reliable indicators show that New Jersey’s economy continues to grow,” said Dr. Charles Steindel, Treasury chief economist. “Economic growth has brought in more revenue for the state in Fiscal Year 2012 than in 2011, which is a good sign for the future.”

For the year-to-date, income tax collections are up 2 percent from last year at $8.6 billion, and sales taxes have climbed 3.1 percent to $5.9 billion. Corporate business taxes are up 0.7 percent at nearly $1.8 billion. Motor vehicle fee collections have risen 16.3 percent to $330.7 million. 

April income tax collections were $1.73 billion compared to $1.75 billion in Fiscal Year 2011. Sales taxes were $732.8 million, up from $705.8 million. Corporation business taxes were $463 million, down from $547.1 million.