TRENTON – In its own analysis of Treasury revenue figures, the Office of Legislative Services said today that total major revenues for the month of January rose by more than 10 percent, largely due to increases in income tax and sales tax revenues.
While calling that a positive development, OLS pointed out that the revenue growth “continues to lag the certified year-end growth target of 8.3%.”
OLS said that each of the major revenues will need to go up by 13 percent in order to reach that goal.
In December and January, gross income tax receipts rose nearly 20 percent. It attributes much of the increase to:
1) a timing shift of bonus payments into December;
2) growth in estimated payments due to the federal tax law changes; and
3) the shift of one week’s withholding collections from February last year into January this year (worth between $120 million-$150 million).
OLS also reported corporate business tax revenue “remains well below the 26.3% growth rate required” to meet the Christie Administration’s goals of salubrious revenue growth.