Dec 21 New Jersey's revenue collections in
November fell below estimates by $183.7 million, or nearly 11
percent, largely because of Superstorm Sandy, Treasurer Andrew
Sidamon-Eristoff said on Friday.
The state took in $1.52 billion in November but had been
projecting $1.70 billion in collections, Sidamon-Eristoff said
in a statement.
"Sandy left its mark on the state's finances in November,"
The storm slammed into New Jersey on Oct. 29, flooding
coastal areas, damaging homes and businesses and knocking out
power across the region.
That kept shoppers, commuters and casino gamblers at home,
Sidamon-Eristoff said. The state also allowed New Jerseyans
affected by the storm to delay tax payments until Nov. 14.
Income taxes - the state's biggest source of revenue - in
November were down 24 percent. Sales taxes were flat, casino
revenue dropped 38 percent and motor fuel taxes fell nearly 13
Even with the steep storm-related drop, income tax
collections remained at a record high of $3.29 billion for the
five months ending Nov. 30 because of a surge in collections in
October, he said.