For a state that’s swimming in a sea of red, the Department of the Treasury’s latest report on revenue collections in New Jersey surely counts as good news. September revenues were above target by $393.7 million; Trenton took in $3.295 billion in total tax revenue last month, or 13.6 percent more than last September.
The 2019 financial year began in July, so the first quarter has just ended; total collections for those three months came to $5.72 billion — up $591.2 million, or 11.5 percent, over the same period last year.
Bottom line: Tax collections seem to be outpacing the targeted growth rates for both the month of September and the quarter. There’s a caveat, of course (Isn’t there always when it comes to what’s in the Garden State’s coffers?): The growth in revenues clearly is being influenced by several tax increases — including on the corporate business tax and on income tax for earnings over $5 million — that Gov. Phil Murphy and lawmakers gave us in early July.