N.J. tax collections weaker than budgeted

TRENTON — New Jersey has taken in $336 million from taxes and fees for July, the first month of the new fiscal year. That's about $35 million — or 9.4 percent — less than budgeted. The biggest revenue generators closely tracked estimates. They were gross income tax collections of $133 million, sales taxes of $22 million and corporation business...

David Gard/Times of TrentonState workers heading home walk past the Statehouse.

TRENTON — New Jersey has taken in $336 million from taxes and fees for July, the first month of the new fiscal year.

That's about $35 million — or 9.4 percent — less than budgeted.

The biggest revenue generators closely tracked estimates. They were gross income tax collections of $133 million, sales taxes of $22 million and corporation business taxes at $47 million.

Lottery ticket sales brought in $70 million, about $2 million less than anticipated, and casinos generated $23.5 million, $1 million less than forecast.

The biggest underperforming revenue sources for the month were motor fuels taxes, transfer inheritance fees and financial institution and bank fees.

In New Jersey, spending must match revenues for the year.

Gov. Chris Christie signed a $29.7 billion budget into law on June 30.

Related coverage:

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• N.J. treasurer predicts state's revenue bump will be smaller than projected $913M

• N.J. to receive $913M more in tax revenue than expected