Treasury: Revenue collections up 2.6% in November; collections down 2.8% overall  

November revenue collections in the state totaled $2.647 billion, up $67.8 million, or 2.6%, over last year, according to a Thursday release from the New Jersey Department of Treasury.

Revenues grew primarily as a result of higher net collections from the Gross Income Tax, Corporate Business Tax and from the Pass-Through Business Alternative Income Tax. Year-to-date, total revenue collections of $13.564 billion are down $385.1 million, or 2.8%, from the same period last fiscal year.

November collections for the Gross Income Tax, which are dedicated to the Property Tax Relief Fund, totaled $1.209 billion, up $14.7 million, or 1.2% over last year.

Moderate growth in employer withholding collections was largely offset by declines in estimated and final payments, and higher refunds. Fiscal year-to-date collections of $5.449 billion are down $419 million, or 7.1%, from last year.

The Sales and Use Tax, the largest General Fund revenue source, totaled $973 million in November, down $11.7 million, or 1.2%, from last year.

Due to a one-month lag in the reporting and payment of Sales Tax, November revenue reflects consumer activity in October. SUT collections growth has trended lower than the rate of regional consumer price inflation for seven straight months. Fiscal year-to-date collections of $4.359 billion are up slightly by $4.8 million, or 0.1%.

The Corporate Business Tax, the second largest General Fund revenue source, totaled $55.9 million in November, up $18.1 million, or 47.9% above last November. Final payments were significantly higher by $84.2 million, but this was largely offset by an increase in refunds of $76.1 million. Fiscal year-to-date collections of $1.492 billion are up $31.4 million, or 2.1%.