N.J. Treasury reports August revenues up 6.8 percent, driven by income and sales taxes
TRENTON, N.J. — The New Jersey Department of the Treasury reported Monday that August revenue collections for the state’s major taxes totaled $2.811 billion, an increase of $177.8 million, or 6.8 percent, compared with last year. Officials said more than half of the growth came from the Gross Income Tax, while the Sales and Use Tax and casino revenues also posted gains.
Year-to-date, total revenue collections of $3.333 billion are up $43.3 million, or 1.3 percent, above the same period last fiscal year, according to the Treasury.
August collections for the Gross Income Tax, which are dedicated to the Property Tax Relief Fund, totaled $1.258 billion, up $108.8 million, or 9.5 percent above last year. “The increase in revenues was primarily due to higher collections from employer withholding, while refunds were lower,” Treasury reported. Fiscal year-to-date collections of $1.575 billion are higher by $97.0 million, or 6.6 percent.
The Sales and Use Tax, the largest General Fund revenue source, totaled $1.162 billion, an increase of $46.2 million, or 4.1 percent above last August. Due to a one-month lag in the reporting and payment of the sales tax, August revenue reflects consumer activity in July. Treasury said collections growth has “trended above the rate of regional core inflation for the second time in the past five months.”
The Corporation Business Tax, the second-largest General Fund revenue source, finished the month at negative $38.0 million, down $61.9 million, or 258.6 percent, from last August. Officials said the decline was mainly due to significantly higher refunds. Fiscal year-to-date, CBT collections of $109.1 million are lower by $132.3 million, or 54.8 percent.
Casino revenues totaled $72.2 million in August, an increase of $21.7 million, or 43.1 percent, compared with last year. Treasury said the increasing popularity of internet gaming and sports betting are “two of the main drivers behind the growth in casino revenues.” Fiscal year-to-date revenues of $91.2 million are higher by $21.8 million, or 31.5 percent.
Realty Transfer collections of $51.6 million were up $6.4 million, or 14.2 percent, above last August. Treasury noted that “the inventory of homes available for sale in New Jersey increased substantially for the third straight month: if this trend in housing supply continues it may lead to downward market pressure on home prices and higher unit sales.”
While year-to-date collections began fiscal year 2026 “slightly below growth expectations,” Treasury said the first two months of the fiscal year are less significant than others. September typically brings larger collections than July and August combined, due to substantial quarterly estimated payments under the Gross Income Tax, the Corporation Business Tax, and the Pass-Through Business Alternative Income Tax.
