By Minhaj Hassan | February 21st, 2013 - 6:50pm
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TRENTON - In its own analysis of Treasury revenue figures, the Office of Legislative Services said today that total major revenues for the month of January rose by more than 10 percent, largely due to increases in income tax and sales tax revenues.

While calling that a positive development, OLS pointed out that the revenue growth “continues to lag the certified year-end growth target of 8.3%.” 

OLS said that each of the major revenues will need to go up by 13 percent in order to reach that goal.

In December and January, gross income tax receipts rose nearly 20 percent. It attributes much of the increase to:

1) a timing shift of bonus payments into December;

2) growth in estimated payments due to the federal tax law changes; and

3) the shift of one week’s withholding collections from February last year into January this year (worth between $120 million-$150 million).

OLS also reported corporate business tax revenue “remains well below the 26.3% growth rate required” to meet the Christie Administration’s goals of salubrious revenue growth.

 

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 >

Contributors

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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

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