The Penn's Grove record., 1915-07-16
INHERITANCE TAX
NETS LARGE sum
Comptroller Estimates Total of
$2,272,O52.9s For Year.
OVER ONE MILLION INCREASE
$1,soo,ooo Already colIeeted-state
viii Be Clear Of All Obligations
at End Of Fiscal Year,
Says Edwards.
OVER ONE MILLION INCREASE

NOpecldl 1T0nlOu COTe5pOnQence.)
Trenton.-All the financial obIiga-
tons of the State will be fully met
for this fiscal year and there is little
reason to a%pprehend a deficit, is the
conclusion reached by State Comp
troller Edward l. Edwards in an elab-
crate statement given out by him.
The comptroller says:
"The revenue-producing legislation
enacted in 1914, with the supervision
over expenditures permitted by the
operations of the requisition act, will
result in the State meeting all it's
obligations"
Mr.. Edwards refers to the amend
ments to the inheritance tax act,
passed in 1914, and the State Banking
and Insurance Department. The in
creased revenue for the inheritance
tax indicates a revenue for the year
of $2,172,052, which is an increase ap-
proximately of upwards of a million
and a half we 1913, when the tax
was collected under the old law. The
Banking Department indicates a
revenue of $4,000 in it's income up
to July /. The increase from the in
heritance tax was $1,000, 900.
Deductions Modified.
Mr.. Edwards's statement is sup
Elemental to and a modification of the
deductions presented to the Legisla-
ture of last winter at the beginning
of the session, when he predicted that
with the granting Of supplemental ap-
preparations asked for, to the extent
of more than a million and a half
dollars, there would be a deficit in
the State funds at the end of the
fiscal year on October 81, 1915, of
$2,467, 1892.
Mr.. Edwards showed, first of all,
that this possible deficit of nearly
two million and a half dollars was
cut down a round million by the
action of the Legislature in making
supplemental appropriations of only
$412, 7O4. Sc instead of the SLABS, 1894
asked for by the various State de-
partments and institutions.
Mr.. Edwards also shows that the
actual receipts of the State from
November 1, 1914, to July 1, 1915, JUS
tify a material increase in his esti-
wOd1u- aon az to what
current year. 1t now looks as If the
receipts for the year would be some
thing like a million dollars in exces
Of the amount.
Net Deficit $543,111.
With the supplemental bill for the
present year reduced 81, 900. 900 below
the aggregate of the requests Of the
various State departments and insti-
buttons, and with the unexpected in
crease in the States revenues, Mr..
Edwards predicts that the net deficit
at the end of the present fiscal year
will be only $543,111.46, instead of the
nearly 81, 500,0 900 that seemed prob
able when he presented his estimate
to the Legislature last winter before
the supplemental appropriations had
been made.
This estimated deficit of s543,111.46
Mr.. Edwards proposes to wipe out
by exercising his authority under q
proviso in the general and supple
mental bills of the present year, in
which it is stipulated that:
1.-THE comptroller of the treasury is
hereby empowered, and it shall be his
duty in the disbursement Of funds
aavilable for the general use of the
State, to first provide for the main
tenance of the administration of the
government of the State, and of its
courts, and of it's penal, corrections.
and charitable institutions, and is tc
apply the remainder of such available
funds in such manner and to such pur
pose for which appropriation may have
been made as in his judgment may
best conserve the interests Of the
State"
Under authority of this provisC
State Comptroller Edwards has de
cided for the time being at least tt
suspend appropriations in the annua
bill for improvements aggregatint
1922, 056.3 81, or an amount practically
equivalent to the estimated deficit.
Comptroller Edwards makes it cleal
that the Withholding of these appro
priations is not conclusive and tina
with an increase in the States rev
enues, should the increase go beyon'
present expectations, these appropri
ations may be released. 1t is doubt
full, however, if any great proportion
of these appropriations will be releas
ed in time to be c~hargeable to thi
years expenditures.