NJ state revenues slightly beat expectations

AP News
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Posted: Dec 18, 2009 2:59 PM

For the first time in months, New Jersey tax revenues have come in slightly ahead of expectations.

State Treasurer David Rousseau said Friday that New Jersey collected almost $1.93 billion in revenue in November, or about $625,000 higher than officials expected.

Income tax collections for the month were $796.1 million, or $76.1 million more than expected. But sales taxes collections totaled $577.8 million, or 6 percent below target, and corporation business tax were $29.8 million, or $20 million below projections.

Through the first five months of the fiscal year, state revenues are $412 million below projections.

Rousseau said sales tax revenues remain a concern but won't truly come into focus until after the holidays.