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New Jersey Treasurer Says Revenue Collections On Target

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TRENTON, N.J. (AP) – New Jersey’s treasurer says the $7.8 billion in tax revenues collected in the state’s first fiscal quarter are slightly better than expected.

But Andrew Eristoff says revenues “haven’t grown significantly” beyond what was expected when Gov. Chris Christie signed the $29.4 billion budget in June.
Eristoff reported Friday that the state collected about $200 million more than expected for the quarter, which ran from July 1 to Oct. 31.

That’s about 2.6 percent more than was forecast.

Eristoff says state lottery revenue came in 2.8 percent below the budgeted amount, while revenue from the sales tax was 1.7 percent below the forecast.

But the gross income tax — New Jersey’s largest source of revenue — came in 10.2 percent above projections. And the corporation business tax was 12.8 percent higher than predicted.

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