Posted: Saturday, 13 March 2010 8:03AM
NJ Tax Collections Off In February
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New Jersey tax collections were off by
$41.5 million in February.
A Treasury Department report out Friday shows total revenues for
the first eight months of the fiscal year were $471 million, that's
nearly 3 percent below estimates.
The biggest underperformer was the corporate business tax, which
was 88 percent below budget targets. The sales tax was nearly 10
percent below projections, while income tax collections exceeded
the target by almost 13 percent.
Treasurer Andrew Eristoff says the numbers indicate the economic
recovery has been slow in coming, "especially for unemployed
workers and struggling small business owners."
The current state budget has been rebalanced with additional
cuts to make up for the revenue shortfall.
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