August tax revenue collections in New Jersey reached $2.811 billion, according to a report from the state Department of the Treasury. This figure represents an increase of $177.8 million, or 6.8%, compared to August last year.
The Gross Income Tax (GIT) accounted for more than half of this growth, with collections totaling $1.258 billion—an increase of $108.8 million, or 9.5% above last year’s numbers. The Treasury attributed the rise mainly to higher employer withholding and lower refunds issued during the period.
Sales and Use Tax (SUT), which is the largest source of General Fund revenue for New Jersey, also increased by $46.2 million, or 4.1%, reaching a total of $1.162 billion in August. Due to a one-month lag in reporting and payment, these revenues reflect consumer activity from July.
Casino revenues posted significant gains as well, totaling $72.2 million—up by $21.7 million, or 43.1%. The Department noted that “the increasing popularity of internet gaming and sports betting are two of the main drivers behind the growth in casino revenues.” Collections will also be affected this fiscal year by a new law enacted on July 1 that raised taxes on internet casino gaming and sports wagering.
Year-to-date figures show total revenue collections at $3.333 billion, which is up by $43.3 million, or 1.3%, over the same period last fiscal year.
Realty Transfer collections rose to $51.6 million in August—an increase of $6.4 million, or 14.2%. The inventory of homes available for sale in New Jersey has grown for three consecutive months; if this trend continues it could put downward pressure on home prices while potentially increasing unit sales.
The Corporation Business Tax (CBT), however, showed a decrease for August with negative collections amounting to -$38 million—a drop of $61.9 million compared to last year due largely to higher refunds issued this month.
While early-year revenue growth was slightly below expectations for FY2026 so far, Treasury officials noted that “the first two months of the fiscal year are less significant than most other months.” They explained that September typically brings much larger revenue inflows because substantial quarterly estimated payments are due under several major taxes including GIT and CBT.
