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 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.
"While
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.
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