(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.”
This article was published by The Center Square and is republished here with permission. Click here to view the original.
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