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NJ says tax revenue up in June

Local News | Jul 26, 2013

NJ says tax revenue up in June

TRENTON, N.J. (AP) — New Jersey’s Treasury Department and the state’s Office of Legislative Services are clashing on the interpretation of new tax revenue data.

Treasury says the state government’s revenues in June were well above both June’s collections and the state’s own projections and that the revenue was above revised projections for the fiscal year that ended June 30.

Treasurer Andrew Sidamon-Eristoff says that shows the state’s economy is improving.

But the nonpartisan legislative services office says that most revenues did not grow as much as expected, and that the state could have a shortfall when the books are closed on fiscal year 2013.

Both analyses agreed that income tax receipts grew more than expected for June.