The Department of the Treasury announced on Apr. 23 that New Jersey’s major tax revenues for March totaled $4.321 billion, marking a rise of approximately $370 million, or 9.4% compared to the same month last year.
This increase was mainly attributed to the Gross Income Tax (GIT), which saw higher collections due in part to a decrease in refund issuances related to timing differences. The Treasury reported that fiscal year-to-date total major revenues have reached $32.313 billion, up $1.249 billion or 4%, and are closely tracking targets.
March GIT collections supporting the Property Tax Relief Fund amounted to $1.595 billion, an increase of $486.7 million or 43.9% above last year, primarily because large refunds were paid out earlier than usual in late February rather than early March as is typical. Year-to-date GIT revenues stand at $14.063 billion, representing a gain of $1.306 billion or 10.2% over last year.
Other key taxes showed mixed results: Sales and Use Tax (SUT) collections fell by 2.4% from last year, totaling $883.5 million for March—potentially impacted by winter storms affecting consumer activity—but remain up by 2.4% for the fiscal year at $9.081 billion; Corporation Business Tax (CBT) receipts dropped nearly 20% from last March but are down more significantly for the fiscal year due to increased refunds and lower payments; Pass-Through Business Alternative Income Tax (PTBAIT) netted slightly less than last March but remains up nearly nine percent so far this fiscal cycle; Insurance Premium Tax (IPT) saw lower monthly figures but higher combined totals over February and March compared with last year’s period; Realty Transfer Fee revenue declined for the month yet has grown more than eight percent since July.
The New Jersey Business and Industry Association serves as the nation’s largest statewide employer association representing employers across various sectors according to its official website. The association advances competitive excellence and financial success among its members while delivering essential information and services according to its official website. Michele Siekerka serves as president and chief executive officer of the organization according to its official website.
Additionally, NJBIA supports private-sector employers throughout New Jersey according to its official website, facilitates partnerships among businesses, government entities, and academic institutions according to its official website, and offers advocacy along with practical information and cost-saving benefits aimed at supporting business prosperity according to its official website.