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.
Zapped by the DNC on his way into New Hampshire this afternoon, Gov. Chris Christie defended his economic record while wooing NH voters for the second time in little more than a month, according to the Associated Press.Read More >
Christie to Newark hecklers: 'I've spent as much time in Newark as anyone else' BELMAR - Gov. Chris Christie's got nothing but love for The Brick City, or so he says. In response to a Newark school student here today -- a 17-year-old president of the Newark Student Union...
By Linda Stender At his most recent town hall, Gov. Chris Christie accused his predecessors of "monkeying with the math" when it comes to their handling of our state's economy. But as the old saying goes, when the governor points a finger, he... Read More >
"Go to Mayor [Cory] Booker and ask him if he thinks in the years that he was mayor if I ignored Newark. The fact is I've spent as much time in Newark as anyone else." - Gov. Chris Christie- PolitickerNJ
Press releases are submitted by PolitickerNJ users, not by staff. They do not represent the viewpoint of PolitickerNJ.com.