July revenue collections in the state totaled $3.237 billion, an increase of $397.8 million, or 14% above last year, according to a Wednesday release from the New Jersey Department of Taxation.
Total collections from the major taxes would have been higher by $206 million, or 6.8%, after adjusting for the extra withholding payment. Total revenues of $47.34 billion for the 13 months ending in July were up by $98 million, or 0.2% above the same 13-month period last year, in line with current expectations.
July collections for the Gross Income Tax, which is dedicated to the Property Tax Relief Fund, totaled $1.334 billion, up $302 million, or 29.3%, from last year. GIT revenues would have been $110.1 million higher, or 9% above last July, after adjusting for the extra withholding payment. Revenues from estimated and final payments were also higher, while refunds were slightly lower.
The Sales and Use Tax, the largest General Fund revenue source, reported $1.367 billion, an increase of $12.7 million, or 0.9% from last July.
The Corporate Business Tax, which is the second-largest General Fund revenue source, totaled $220.4 million in July, an increase of $10.7 million, or 5.1%, mainly due to final payments coming in higher.
July is effectively treated as the 13th month of the fiscal year because cash collections include revenues from both Fiscal Year 2024, which just ended, and Fiscal Year 2025, which has just begun.
