The New Jersey Department of the Treasury said in a news release that September revenue collections for the major taxes totaled $5.102 billion, up $539.4 million, or 11.8%, from September 2021.
Fiscal year-to-date, total collections of $8.397 billion are up $1.034 billion, or 14%, from a year ago.
Treasury broke down the tax revenue as follows:
- Gross Income Tax: $1.872 billion, down $34.7 million, or 1.8%;
- Sales and Use Tax: $1.019 billion, up $83.2 million, or 8.9%;
- Realty Transfer Fee: $62.4 million, up $7.9 million, or 14.5%.
- Corporation Business Tax: $1.111 billion, up $84.1 million, or 8.2%;
- Pass-Through Business Alternative Income Tax: $721.1 million, up $427.6 million, or 145.7%;
- Petroleum Products Gross Receipts Tax: $123.3 million, down $33.4 million, or 21.3%.
Revenue collections growth to date is encouraging. However, Treasury expects FY2023 collections growth to moderate in the coming months, particularly during the spring tax filing season, when last year’s historically high collection levels are unlikely to be repeated.
Despite the positive trends early in this fiscal year, Treasury continues to be concerned about numerous economic factors that are being closely monitored.