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 TRENTON – State
Treasurer John E. McCormac said today that State revenue collections
through the first three months of FY 2005 remain within 1 percent
of budget targets.
Through September, the State has recorded $5.766 billion in revenue,
which is $40.6 million (0.7%) below targets. Among the major taxes,
the Sales Tax and the Corporation Business Tax have come in $6.5 million
and $31.6 million, respectively, above projections, while the Gross
Income Tax is $67.1 million under the target for the quarter.
Treasurer
McCormac noted that $60.5 million of the $67.1 million GIT shortfall
can be attributed to late filings of 2003 returns from upper
income taxpayers. "Fewer taxpayers made estimated payments on
September 15 than we anticipated", said Treasurer John McCormac. "But
we fully expect the payments to appear during the final quarter between
December 15, 2004 and January 15, 2005 and again when taxes are due
on April 15, 2005."
McCormac
cautioned, however, that managing the Fiscal 2005 revenues will be
a difficult task in the months ahead. "Though we are on
target through three months, the real test comes in April and May of
next year which does not give us much time to react if our targets
are not met. We have to be very careful in what spending we approve
over these next few months."
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