TRENTON, N.J. — New Jersey’s major tax revenues totaled $3.632 billion in July, an increase of $306.4 million, or 9.2%, compared with the same month last year, according to the state Department of the Treasury.
The increase was driven by higher collections from the Sales and Use Tax and Corporation Business Tax, while Gross Income Tax collections declined.
Total major revenues for the 13-month period ending in July reached $53.373 billion, up $3.194 billion, or 6.4%, from the same period a year earlier.
Sales and Use Tax collections, the state’s largest General Fund revenue source, totaled $1.664 billion in July, an increase of $260.8 million, or 18.6%, from last July.
According to Treasury, the growth appears to be associated with activity in sectors including information technology, data centers and artificial intelligence. The department said some of the increase also likely relates to economic activity associated with the FIFA World Cup.
Corporation Business Tax collections totaled $282 million, an increase of $112.8 million, or 66.7%, compared with last July. Treasury attributed the increase primarily to higher estimated payments and notably lower refunds.
Gross Income Tax collections, which are dedicated to the Property Tax Relief Fund, totaled $1.353 billion, down $117.8 million, or 8%, from a year earlier.
Treasury said the decrease was primarily caused by a timing shift that moved a large weekly employer withholding payment batch into June. Final payments were also lower, while refunds were moderately higher.
Pass-Through Business Alternative Income Tax payments totaled $33.3 million, an increase of $12.6 million, or 60.7%, primarily because of higher estimated payments.
Realty Transfer Fee revenues reached $51.3 million, an increase of $7.2 million, or 16.4%, following declines during the previous two months. Because of a one-month reporting and payment lag, July collections reflect June housing market activity, which Treasury said showed growth in both closed sales and median home prices.
July is effectively treated as the 13th month of the fiscal year because cash collections include revenue attributable to both fiscal 2026, which recently ended, and fiscal 2027, which has begun.
Final fiscal 2026 collections will be published in the state’s Annual Comprehensive Financial Report after the annual accounting process is completed. The report is expected in early 2027.
