|FOR IMMEDIATE RELEASE||
CONTACT: Tom Vincz
|November 14, 2006||
October Revenues Ahead of Projections
TRENTON -- State Treasurer Bradley Abelow announced today that revenues for October exceeded projections for the month, placing collections slightly ahead of targets for the first four months of FY 2007.
"We are pleased that revenues are remaining on track and, in some cases, exceeding collection targets," Treasurer Abelow said.
The October performance brought total fiscal year-to-date collections to $8.13 billion, which is $132.9 million (+1.7 percent) above estimates for the period.
For the three major taxes, year-to-date collections for the Gross Income Tax total $2.635 billion, which is in line with targets. Sales Tax collections for the period, also at $2.635 billon, are slightly ahead (.08%) of projections. The Corporation Business Tax, at $628.8 million, exceeds year-to-date targets by $128.8 million (+23.8%).
For October, the Gross Income Tax yielded $762.8 million, which is $89.9 million (+13.3%) above the October estimate. Sales Tax collections for October totaled $667.7 million, which is $21.7 million (+3.4%) above the monthly target, while the Corporation Business Tax, at $129.1 million, finished the month $15.1 million (+13.2%) ahead of estimates.
it is encouraging that New Jersey's revenues are on target, our fiscal
year is still young. Our revenue picture, as well as the state's underlying
economic activity, will be further clarified in the next few months
as year-end income and corporate filings and holiday sales activity
are recorded. We will be monitoring this activity closely as we continue
preparations for the FY 2008 budget," he said.