New Jersey’s revenues are up 25% compared to a year ago
(The Center Square) – New Jersey’s revenues continue to rise, with fiscal year-to-date collections up 25% from a year ago.
According to New Jersey’s Department of the Treasury, year-to-date collections totaled more than $10.1 billion, which is more than $2 billion higher than the same four months a year ago.
The General Fund’s largest revenue source, the Sales and Use Tax, saw an increase of $155.6 million, or 14.9%, over last October to reach more than $1.2 billion. So far this fiscal year, collections increased $322.3 million, or 11.6%, compared to the same period a year ago, to reach more than $3.1 billion.
The sales tax numbers reflect consumer activity in September, but state officials say the trend shows “consumer behavior continues to exceed even pre-pandemic levels.”
In October, Gross Income Tax (GIT) collections increased $192.2 million, or 19.8%, compared to October a year ago and totaled more than $1.1 billion. So far this fiscal year, collections rose $874.8 million, or 26.1%, to reach more than $4.2 billion.
Meanwhile, the Corporation Business Tax (CBT) dropped by $37.2 million, or 20.8%, to hit $141.7 million in October. So far this fiscal year, CBT collections increased $413.6 million, or 43%, to reach nearly $1.4 billion.
According to a news release, Treasury Department officials said October’s “collections are typically among the smaller CBT months each year.”
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