The N.J. Department of the Treasury reported Aug. 14 that July revenue collections for the major taxes totaled $3.326 billion, an increase of $88.7 million, or 2.7%, above the same period of last year.
The revenue increase was led by higher net collections from the Gross Income Tax (GIT). Total major revenue of $50.179 billion for the 13-month period ending in July was up by $2.839 billion, or 6%, above the same period last year, in line with current expectations.
July collections for the GIT, which is dedicated to the Property Tax Relief Fund, totaled $1.471 billion, up $136.4 million, or 10.2%, over the period last year. The increase in net revenue was primarily because of higher collections from employer withholding and final payments, while refunds were moderately lower.
The Sales and Use Tax, the largest General Fund revenue source, reported $1.403 billion, an increase of $35.7 million, or 2.6%, above last July. The Corporation Business Tax, which is the second-largest General Fund revenue source, totaled $169.1 million in July, a decrease of $51.2 million, or 23.3%, as higher refunds more than offset growth in estimated payments.
Pass-Through Business Alternative Income Tax payments totaled $20.7 million, lower by $14.1 million, or 40.4%, primarily due to higher refunds. Realty Transfer Fee collections of $44.1 million in July were $4.1 million, or 10.2 %, above last year.
July is effectively treated as the 13th month of the fiscal year because cash collections include revenue from both fiscal year 2025, which just ended, and fiscal year 2026, which just began.
After the annual GASB accounting process is completed, final collections for fiscal year 2025 will be published in the Annual Comprehensive Financial Report due out in early 2026.
