New Jersey Treasury reports 4.4% rise in September revenue collections, led by income tax gains
TRENTON, N.J. — The New Jersey Department of the Treasury reported Thursday that September revenue collections for the state’s major taxes totaled $5.145 billion, an increase of $219.2 million, or 4.4 percent, compared with the same month last year.
The growth was driven primarily by higher receipts from the Gross Income Tax (GIT) and the Pass-Through Business Alternative Income Tax (PTBAIT), according to the department. Year-to-date, total collections have reached $8.478 billion, up $262.4 million, or 3.2 percent, closely tracking the 3.3 percent growth projected for fiscal year 2026.
September collections for the GIT, which fund the Property Tax Relief Fund, totaled $2.166 billion, an 18 percent increase from last year. The Treasury attributed the gain to “strong collections from employer withholding and estimated payments,” as well as lower refund levels. Fiscal year-to-date collections of $3.741 billion are up 12.9 percent.
The Sales and Use Tax (SUT) — the state’s largest General Fund revenue source — totaled $1.064 billion, up 2.1 percent over last year. Treasury officials noted that SUT growth has remained below the rate of regional core inflation for 11 of the past 15 months. Year-to-date, SUT collections of $2.226 billion are up 3.2 percent from the same period last year.
The Corporation Business Tax (CBT), New Jersey’s second-largest General Fund source, totaled $679.8 million, down 29.5 percent, or $285.2 million, from September 2024. The Treasury said weakness in the CBT this fiscal year has been driven by increased refunds for tax periods before 2022 and a decline in estimated payments. Through the third quarter of Tax Year 2025, corporate tax payments have dropped 6.2 percent, following an 8.3 percent increase in the first two quarters.
PTBAIT revenues reached $880.5 million in September, up 15.6 percent, or $118.9 million, from last year, fueled by stronger estimated payments. Fiscal year-to-date, PTBAIT revenues of $915.7 million are up 12.1 percent.
Casino revenues totaled $79.6 million, a 60.1 percent increase from a year earlier. Treasury officials cited the growing popularity of online gaming and sports betting, along with the impact of P.L.2025, c.66, which raised taxes on both activities effective July 1. Fiscal year-to-date, casino revenues stand at $170.9 million, up 43.4 percent.
Realty Transfer Fee collections rose to $52.9 million, up 18.2 percent from last September. Year-to-date, those revenues total $104.6 million, a 16.2 percent increase. The Treasury said the trend reflects higher home prices and increased housing inventory despite a slowdown in unit sales.
