The forecast of $8.078 billion in sales tax revenue for fiscal year 2012 is an increase of $303 million over the revised fiscal 2011 level. The 3.9% growth primarily reflects continuing improvement in consumer spending as the economic recovery strengthens. New Jersey’s sales tax revenues will also benefit as economic expansion takes hold, given the likelihood that consumer spending growth on discretionary products will be larger than in exempt categories.
FY2007 tax increases:
increased Sales Tax rate from 6% to 7%
broadened Sales Tax base
FY2009 includes $142.5 million received under the Amnesty program FY2012 includes $2.5 million in tax cuts
Sales Tax excludes the tax on energy CAFR – Comprehensive Annual Financial Report