New Jersey income tax collections were larger than expected in November, while total revenues came in as projected, according to Treasurer Samuel Crane.
The December report shows the state collected $254.32 million in gross income taxes in November and saw a 10.9% increase in collections for the first four months of fiscal 1993, which began July 1. Total revenues were $785.14 million in November, up 0.4% from July 1.
A spokeswoman for Crane declined to give November projections. In a press release, Crane said it is too early to identify the specific reasons for the increased income tax collections.
The other two major revenue categories, the sales tax and the corporation tax, were on target for the month even after the sales tax was adjusted downwards to 6% from 7%.
January and February revenue reports will include Christmas retail sales activity, the treasurer added. New Jersey's fiscal 1993 budget is set at $14.7 billion.