By State Street Wire Staff | January 15th, 2013 - 4:05pm
| More

TRENTON – Revenues for the first six months of fiscal year 2013 lag about $425 million, or about 4.1 percent off projections, the Treasury Department reported.

Actual revenues so far in FY13 were $10.028 billion compared to a budgeted expectation of $10.454 billion, the state reported.

Among the big three revenues, corporation business taxes were off 15.1 percent, $932 million in actual revenue compared to a budgeted figure of $1.09 billion.

Also for the first half of the fiscal year, sales taxes are down 5.5 percent, $3.25 billion actual vs. $3.446 billion budgeted; but gross income taxes were up, 2.3 percent, $4.357 billion actual vs. $4.257 billion budgeted.

For the month of December alone, Treasury reported that gross income taxes were up 14 percent, $1.066 billion actual compared to $934 million budgeted.

Corporation business taxes in December were down 20.2 percent, $337 million actual vs. $422 million budgeted.

Sales taxes for December were off 1.4 percent, $651 million actual vs. $661 million budgeted.

Treasury reported that overall in December revenues totaled $2.36 billion, 1.1 percent over projections of $2.34 billion.

Compared to actual December 2011 collections, gross income tax revenues were up nearly 20 percent, $1.06 billion compared to $890 million.

However, the other two major revenues were down when compared Decembers. 

Corporation business taxes for December 2012 were $337 million compared to $378 million, a nearly 11 percent difference.

And sales taxes were down 2.9 percent, $651 million in December 2012 vs. $671 million in December 2011.

Charles Steindel, the Chief Economist for the New Jersey Treasury Department. talked in a release about another area of revenue concern, casinos.

“The improvement in casino tax collections showed that Atlantic City is starting to get back on its feet after the revenue losses it suffered in October and November as a result of Sandy. The gains we have seen over the first half of the fiscal year in collections of the realty transfer tax are also a sign that the state’s real estate market continues to firm and more transactions are getting done as buyers take advantage of the historically low cost mortgages that are still available today.”

Casino revenue was up in December 2012 compared to December 2011 by 3.6 percent, but compared to budgeted expectations was down 20.7 percent. Casinos are working to get back on normal footing after Superstorm Sandy.

AttachmentSize
December 2012 - Revenue Release.pdf424.89 KB

Wake-Up Call

Morning Digest: September 2nd

Campaign season now under way in Bergen County Politics is practiced year-round in Bergen County, and street-level campaigning has been going on quietly all summer. But both Republicans and Democrats say the Rutherford Street Fair on Labor Day signals a more intense phase of electioneering. (Ensslin/The Bergen Record) http://www.northjersey.com/news/campaign-season-now-under-way-in-bergen-county-1.1079080  ...

Op-Ed

White House’s Tuition Challenge Being Met in NJ

By MICHAEL W. KLEIN In his weekly radio address on August 16, President Obama challenged colleges “to do their part to bring down costs” and lighten the tuition burden on students.  The state colleges and universities in New Jersey have... Read More >

Contributors

My Republican Hillary Clinton Experience    There is a veritable plethora of reportage in print, internet, television and radio media speculating as to whether Hillary Clinton will seek the Democratic... more »
(8-27-14) All Americans Should Support Gov. Perry - Political prosecutions have no place in American life. Those who use the justice system as they are using it in Texas... more »
(Asbury Park, NJ) -- There's a word for someone who says one thing and does another: hypocrite.  There's no shortage of 'em in Trenton -- from ... more »
 The following letter was sent today to Republican state legislators, county chairs, state committee members, and New Hampshire... more »

Quote of the Day

quote of the day

"Governor Christie ripped President Obama this summer for failing to carve out some time during a Texas fundraising swing to visit the Mexican border, where the unprecedented flood of immigrant children from Central America had reached a crisis point. ...Yet Christie is not squeezing in a tour of the troubled border during his own three-day trade and diplomatic mission to Mexico, which is set to begin on Wednesday. The governor is planning a series of meetings with Mexican officials, including President Enrique Peña Nieto and the finance and energy ministers." - columnist Charles Stile

- The Bergen Record

Poll

Governor Chris Christie's trip to Mexico...:

Blogroll

Visit the PolitickerNJ.com/resources page for links to the best collection of information on New Jersey state government.

 

  • Polls
  • The best blogs
  • Columnists
  • State election results
  • Assembly election results
  • Local party websites
  • And more.

PolitickerNJ.com/resources