TRENTON, N.J. — New Jersey collected nearly $7.9 billion in major tax revenues in April, marking a 7% increase over the same month last year, according to the state Department of the Treasury.
Treasury officials reported Wednesday that April collections totaled $7.906 billion, an increase of $520.1 million compared with April 2025. Growth was recorded across several major taxes, including the Gross Income Tax, Sales and Use Tax, Corporation Business Tax and the Pass-Through Business Alternative Income Tax.
The department said revenue collections are continuing to align with state forecasts heading into the final months of Fiscal Year 2026.
Fiscal year-to-date collections for major revenues totaled $40.218 billion, up about $1.77 billion, or 4.6%, from the same period last year.
Gross Income Tax collections totaled $4.452 billion in April, an increase of $205.5 million, or 4.8%, over the previous year. Treasury officials said April is the most significant month for final income tax payments, which rose 7% compared with last year.
Sales and Use Tax collections reached $1.441 billion, increasing by $114 million, or 8.6%, and offsetting declines seen the previous month.
Corporation Business Tax revenues totaled $1.041 billion in April, up $28.1 million, or 2.8%, from the same month in 2025. However, fiscal year-to-date CBT collections remain down nearly 25% because of elevated refund levels and declines in estimated payments, according to Treasury officials.
Meanwhile, Pass-Through Business Alternative Income Tax collections totaled $576.9 million in April, an increase of $26.4 million, or 4.8%, compared with last year.
Treasury said updated revenue forecasts for Fiscal Year 2026 and Fiscal Year 2027 will be presented during state budget hearings May 19 and 20.
