New Jersey's Department of the Treasury reported that major tax revenue collections in September reached $5.145 billion, marking a 4.4% increase compared to the same month last year. The department noted that this growth was mainly driven by gains in the Gross Income Tax (GIT) and the Pass-Through Business Alternative Income Tax (PTBAIT).
Year-to-date, total tax collections stand at $8.478 billion, which is 3.2% higher than the same period in the previous fiscal year. This figure closely matches the projected 3.3% growth for fiscal year 2026.
The GIT, which supports the Property Tax Relief Fund, collected $2.166 billion in September, up 18% from last year. According to the Treasury, "The increase in revenues was due primarily to strong collections from employer withholding and estimated payments, while refunds were below last year." So far this fiscal year, GIT collections have risen by 12.9%.
Sales and Use Tax (SUT), New Jersey's largest General Fund revenue source, totaled $1.064 billion for September, an increase of 2.1%. Over the past 15 months, SUT growth has lagged behind regional core inflation for most months. Year-to-date SUT collections are up 3.2%.
The Corporation Business Tax (CBT), which is the second-largest source for the General Fund, saw a decline in September with $679.8 million collected—a drop of nearly 30% from last year. Year-to-date CBT collections are down 34.6%. The Treasury attributed this weakness to "an increase in refunds related to tax periods prior to 2022, and a sharp drop in estimated payments in September." Estimated corporate tax payments have fallen by about 6.2% through the third quarter of Tax Year 2025.
PTBAIT revenues for September were $880.5 million, up by 15.6%, driven entirely by higher estimated payments. Fiscal year-to-date PTBAIT collections have increased by 12.1%.
Casino revenues also rose sharply, totaling $79.6 million in September—a jump of over 60% from last year. The Treasury cited "the increasing popularity of internet gaming and sports betting" as key factors for this growth and noted that recent legislation increasing taxes on internet casino gaming and sports wagering will further impact collections.
Realty Transfer collections reached $52.9 million in September, an increase of over 18%. Year-to-date realty transfer revenues are up more than 16%. The Treasury observed that "the inventory of homes available for sale in New Jersey increased substantially for the fourth straight month," and elevated home prices have contributed to higher realty tax collections despite fewer unit sales.
