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.

 

The Back Room

National progressive group backs Watson Coleman in CD12

The Progressive Democrats of America Co-Founder and National Director Tim Carpenter and State Chair Mary Ellen Marino today endorsed Bonnie Watson Coleman for the Democratic nomination in the 12thCongressional District.

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Wake-Up Call

Morning Digest: April 24, 2014

Organization to honor Gov. KeanAn event next month for Community Options, Inc. will celebrate the 25th Anniversary of the organization's founding and honor Governor Tom Kean, Sr., a was an advocate over 25 years ago for bringing individuals with developmental disabilities out of state institutions into small group homes.Robert...

Op-Ed

How the City of Paterson became a city in crisis

By HAYTHAM YOUNES As the May 13th election for Paterson officials nears, I've noticed a lot of candidates running using slogans and empty promises as if they weren't around watching Paterson get to where it's at today. I think it's important that... Read More >

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Quote of the Day

Quote of the day

"This is the only Tea Party group that endorsed Mitt Romney. These guys are the Vichy French of the Tea Party movement. They're the guys who say 'Viva la France,' and then you can't find them when the fighting starts. Come on." - GOP strategist Rick Shaftan, on the Independence Hall Tea Party group.

- PolitickerNJ.com

Poll

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