News Article

NJ Revenues Improve

By Phil Gregory, WBGO News
Trenton. July 25, 2013

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Tax revenues in New Jersey are picking up.

 

Revenue collections for the 2013 fiscal year totaled $25.6 billion, a gain of more than six percent from the previous year.

 

Treasury Department chief economist Charles Steindel says income tax collections in June rose almost four percent.

 

 “This is the sixth time in this fiscal year that we set a monthly record for the income tax which is pretty remarkable. Now for the fiscal year as a whole we’re not going to set a new record. When all the books are closed it’s going to be the second or third best year we’ve ever had.”

 

Steindel says tax revenues have increased as hiring improves.

 

 “Employment in the state is up about two percent from last year. Average wages as best we can see are up something on the order of two percent of more last year and that translates into higher income tax revenue. That’s a very important part of it.”

 

Steindel expects continued growth in the new fiscal year but cautions the pace might not be as rapid.

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