December 21, 2012 / 10:00 PM / 5 years ago

NJ revenues slammed by Sandy, off by 11 pct in November

Dec 21 (Reuters) - 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,” he said.

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 percent.

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.

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