The Department of the Treasury reported that September revenue collections for the major taxes rose $219.2 million, or 4.4%, to $5.145 billion from September 2024. The revenue growth was led by increases in the Gross Income tax (GIT) and in the Pass-Through Business Alternative Income Tax (PTBAIT). Year-to-date total collections of $8.478 billion are higher by $262.4 million, or 3.2% above the same period last fiscal year.
September collections for the GIT, which are dedicated to the Property Tax Relief Fund, climbed $329.7 million, or 18%, to $2.166 billion. The increase in revenues was due primarily to strong collections from employer withholding and estimated payments, while refunds were below last year. Fiscal year-to-date collections of $3.741 billion are higher by $426.7 million, or 12.9%.
The Sales and Use Tax (SUT), the largest General Fund revenue source, rose $22.1 million, or 2.1%, to $1.064 billion. SUT collections growth has trended below the rate of regional core inflation for 11 of the past 15 months. Fiscal year-to-date collections of $2.226 billion are up $68.3 million, or 3.2%.
The Corporation Business Tax (CBT), the second-largest General Fund revenue source, declined $285.2 million, or 29.5%, to $679.8 million in September. Fiscal year-to-date collections fell $417.5 million, or 34.6%, to $788.9 million. Weakness in the CBT in fiscal year 2026 has been driven by an increase in refunds related to tax periods prior to 2022, and a sharp drop in estimated payments in September. Through the third quarter of tax year 2025, estimated corporate tax payments have declined by about 6.2% overall, following an 8.3% increase through the first two quarters.
PTBAIT revenues increased $118.9 million, or 15.6%, to $880.5 million in September. The collections growth was driven entirely by higher estimated payments. Fiscal year-to-date revenues of $915.7 million are up by $99.0 million, or 12.1%.
Casino revenues soared $29.9 million, or 60.1%, to $79.6 million in September, buoyed by the increasing popularity of internet gaming and sports betting. Year-to-date revenues are up by $51,7 million, or 43.4%.
Realty Transfer collections rose $8.2 million, or 18.2%, to $52.9 million from last September. Fiscal year-to-date, revenues are higher by $14.6 million, or 16.2%, to $104.6 million above last year. The inventory of homes available for sale in New Jersey increased for the fourth straight month.
