New Jersey’s Department of the Treasury reported that August revenue collections grew 14.9% from the year-ago period, continuing a strong start to the fiscal year.
The state said in a news release that August revenue collections for the major taxes totaled $2.812 billion, up $365.7 million from August 2021. Fiscal year-to-date, total collections of $3.294 billion are up $494.9 million, or 17.7%, from a year ago.
September offers promise of greater insight, as quarterly estimated payments are due under the Gross Income Tax, Corporation Business Tax and Pass-Through Business Alternative Income Tax, Treasury noted. The department said it expects collections growth to moderate as the year continues, as last spring saw historically high collection levels.
Treasury broke down the tax revenue as follows:
- Gross Income Tax, $1.278 billion, up $256.7 million or 25.1%;
- Sales and Use Tax, $1.085 billion, up $115 million or 11.9%;
- Realty Transfer Fee, $61.1 million, up $3.9 million or 6.8%.
- Corporation Business Tax, $53.2 million, up $577,600 or 1.1%;