N.J. tax collections rise 9.2% in December; year-to-date revenues remain ahead of forecast, Treasury says
TRENTON, N.J. — New Jersey’s December revenue collections for the state’s major taxes totaled $5.166 billion, up $433.9 million — a 9.2% increase from the same month a year earlier — with growth driven primarily by the Gross Income Tax, the Treasury Department said.
Fiscal year-to-date collections reached $19.502 billion, an increase of $896.1 million, or 4.8%, compared with last year and currently above the FY 2026 Appropriations Act’s certified growth rate of 3.3%, Treasury reported.
Gross Income Tax collections, which are dedicated to the Property Tax Relief Fund, totaled $2.047 billion in December, up $335.5 million, or 19.6%, from last year. Treasury said all four GIT components increased, though refunds were also higher.
However, the department said the GIT increase was influenced by an extra Wednesday withholding payment compared with last December. After adjusting for that extra payment, GIT collections would have been up $39.0 million, or 1.9%, Treasury said. Fiscal year-to-date GIT collections of $8.463 billion are up $961.9 million, or 12.8%, according to the report.
Sales and Use Tax collections — the largest General Fund revenue source — totaled $983.0 million in December, down $44.6 million, or 4.3%, from last December. Treasury noted that because of a one-month lag in reporting and payment, December figures reflect consumer activity in November, while January receipts will reflect holiday shopping in December. Fiscal year-to-date Sales Tax collections of $5.675 billion are up $158.9 million, or 2.9%, the department said.
Corporation Business Tax collections totaled $704.2 million, down $20.9 million, or 2.9%, from last December, with the decline driven primarily by lower estimated payments, Treasury reported. The department said the drop was partially offset by higher final and partnership payments and by lower refunds. Fiscal year-to-date CBT collections of $1.353 billion are down $678.8 million, or 33.4%, from last year, which Treasury attributed to significantly higher refunds — including some claimed for tax periods prior to 2024 — and declines in final and estimated payments.
Pass-Through Business Alternative Income Tax revenues totaled $1.082 billion in December, up $184.2 million, or 20.5%, from last year, largely due to higher estimated payments and substantially lower refunds, Treasury said. Fiscal year-to-date PTBAIT revenues stand at $2.040 billion, up $287.5 million, or 16.4%.
Petroleum Products Gross Receipts Tax revenues totaled $124.5 million in December, up $5.2 million, or 4.3%, from last year, Treasury reported. Fiscal year-to-date PPGRT collections are $656.8 million, up $34.1 million, or 5.5%. Treasury said a previously announced 4.2-cent-per-gallon increase in the tax took effect Jan. 1, 2026, and will begin affecting revenues in the February report because of the one-month lag in reporting.
Casino revenues totaled $81.2 million in December, up $24.0 million, or 42.0%, from last year. Treasury cited the increasing popularity of internet gaming and sports betting as major drivers, and noted that fiscal year totals also reflect the impact of a law that increased internet casino gaming and sports wagering taxes effective July 1, 2025. Fiscal year-to-date casino revenues are $405.2 million, up $123.8 million, or 44.0%, Treasury reported.
