State Revenues Up 5.7% Over Last Year In August
The state collected $1.965 billion in the second month of the fiscal year, an increase of 5.7 percent when compared to last August, the treasury department announced earlier this week.Â Cash receipts rose by 2.4 percent, year to date, according to the department.
The projected growth rate for fiscal year 2018 is 4.2 percent. No major revenues were due for collection during this period.
For August, the three largest revenue sources were:
- Gross income tax collections which decreased by 3.6 percent;
- Sales tax revenue which rose 1 percent; and
- Corporate business tax revenue which fell by 25 percent
The treasury department also warned that collections for the next few months may be impacted by Hurricanes Harvey and Irma. Businesses and people who are located in the affected areas, and also pay taxes to New Jersey, have been granted extensions for certain tax deadlines.