By Darryl R. Isherwood | November 23rd, 2012 - 7:54pm
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State revenues continued to trail expectations in October as the first effects of Superstorm Sandy were felt on the state's collections last month.

Year to date, revenue collections are $263 million short of projections, with the bulk of the shortfall coming from sales tax, which is off $119 million from expectations for the first four months of the fiscal year.

Though the full brunt of Sandy's impact has been felt this month, casino closings and sales taxes were likely off due to the storm, which slammed the state on Oct. 29.  For the month of October, casino revenue was off $5.3 million, putting the year to date shortfall at $21.5 million.

Corporation business taxes were off $70 million for the month of October, which according to State Treasurer Andrew Sidamon-Eristoff, was due to an "unusual and large refund."

At $2.69 billion for the year, income tax collections have exceeded expectations by 1.6 percent, or $43 million.

It's unknown whether Sandy's destruction has taken a proposed tax cut off the table as Gov. Chris Christie has said he will wait to assess the damage before making any decisions.  For their part, Democrats have said they will wait until the end of the year to gauge the state's financial picture before deciding on a tax cut and both sides have said any decision has no doubt been delayed by the storm.

 

Wake-Up Call

Morning Digest: April 18, 2014

Fulop endorses Smith in Bayonne mayoral raceBAYONNE - Jersey City Mayor Steve Fulop parachuted into the Bayonne mayoral race on Thursday night by endorsing incumbent Mayor Mark Smith."It is a pleasure to be with you here, Mark," said Fulop to a crowd of more than 125 supporters at a...

Op-Ed

The future of NJ Politics should not be politicians investigating politicians

By JON BRAMNICK Voices around the country agree with our concern that "bipartisan committee led by John Wisniewski is partisan." Below are observers who agree Wisneiwski's committee is not bipartisan: Chuck Todd, NBC News: "Democrats made a mistake... Read More >

Contributors

(4-16-14) New Jersey Vote By Mail Law - The voter turnout for New Jersey’s November gubernatorial election was the lowest since the days of prohibition, coming... more »
When it comes to profiling Christie, facts are for wussies (4/10/14) - As the national media stories on our Guv pile up, expect more blunders about the Garden State.... more »
This week I begin a series called Dispatches from Somewhere Else. Based on my on-going experiences as an everyman in New Jersey politics, these Dispatches review the hollowness of... more »
Watching Governor Chris Christie's shocking BridgeGate implosion, it's easy to forget the time when he truly seemed unstoppable.  Blessed with incredible political gifts and a Jersey bluster to match,... more »

Quote of the Day

Quote of the day

"This is my first Mark Smith event. There have been a lot of changes in Hudson County over the last year and a half, and the most important change that has happened is that there really is unity. For the first time, we really are working together. Despite political differences. Mark and I have worked very hard to repair that. I'm really happy to be here in support of him, because I recognize that when you work together, politics becomes secondary and you really have time to focus on government, which is the most important thing." - Jersey City Mayor Steven Fulop

- PolitickerNJ.com

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