New Jersey's state government collected 15 percent more in tax and other revenue in May than it did a year earlier, Treasurer Andrew Sidamon-Eristoff announced Friday.
The $2.024 billion in revenue in May means that the state has collected 3.7 percent more in the first 11 months of the fiscal year than it did a year ago. However, the revenue was $36 million than the already lowered projection that the treasurer recently issued.
The revenue increase benefited from an additional day of withholding and a cigarette bond refinancing.
"May's revenue collections confirm that New Jersey is seeing sustained economic growth," Sidamon-Eristoff said in a statement. "As long as that growth continues, New Jersey will see increased stability in state government finances."
The May increase was driven by income tax collections, which at $701 million were 26 percent higher than a year earlier, and corporation business taxes, which were $118 million, were 22 percent higher than in May 2011.
"Based on the most recent statistics, personal income in New Jersey has reached record annualized levels exceeding $470 billion," Treasury Chief Economist Charles Steindel said in the statement. "That additional income should generate faster revenue growth for all levels of government."