NJ says tax revenue up in June

NJ says income tax is beating projections, but 2 studies clash on state of other receipts

Associated Press

TRENTON, N.J. (AP) -- New Jersey's Department of the Treasury and its Office of Legislative Services clashed Thursday in reports interpreting new tax revenue data, but they agree that income tax for June was higher than anticipated.

The Treasury says that the state government's revenues in June were well above the June 2012 collection and the state's own projections and that total revenues for fiscal 2013, which ended June 30, stand $143 million over projections.

"The positive trend for these revenue sources tells us that conditions in the state's overall economy are improving month by month," Treasurer Andrew Sidamon-Eristoff said in a statement.

But the budget year isn't completely wrapped up because revenue from some taxes lags behind by a month.

And the OLS, which is officially nonpartisan but often criticized by Republican Gov. Chris Christie as telling the story that Democratic lawmakers want, says the state could close the year with revenue about $150 million less than the state's projection. That's less than 1 percent of the state's total budget.

The OLS says that the revenue streams it tracks were up 6.6 percent over the same period in fiscal 2012, shy of the 7.2 percent growth needed to meet the administration's targets, which had been revised downward.

Both reports agreed that income tax revenue was above projections for June and the fiscal year.

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