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FY2006

FY2007

FY2008

FY2009

FY2010

FY2011

FY2011

FY2012

CAFR

CAFR

CAFR

CAFR

CAFR

Approp. Act

Revised

Estimate

FY2009 includes $392.6 million received under the Amnesty program FY2011 4% Surcharge expired FY2012 includes $100.2 million in tax cuts

Corporation Business Tax excludes the tax on energy CAFR – Comprehensive Annual Financial Report

The Corporation Business Tax (CBT) forecast of $2.430 billion for fiscal year 2012 is $110 million above the revised fiscal 2011 level. National corporate profit growth will tail off as gains in employee compensation begin to weigh on earnings. Earnings for federal tax purposes will be held down substantially in 2011 as a result of tax law changes. Nevertheless, New Jersey’s corporate tax revenues are projected to be boosted not only by recovering corporate profitability, but also by a reduction in refunds and loss carry- forwards, as the impact of the recession on State taxable earnings and liabilities fades.

$3.5

$3.0

$2.5

$2.0

$1.5

$1.0

$0.5

$0.0

(In Billions)

$2.430

$2.622

$1.999

$2.145

$2.320

$2.838

$2.997

$2.993

14

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