TRENTON, N.J. — New Jersey’s major tax collections totaled $5.399 billion in January, an increase of $72.8 million, or 1.4%, compared with the same month last year, according to the state Department of the Treasury.
Treasury officials said growth was driven primarily by higher collections from the Gross Income Tax, Sales and Use Tax and the Pass-Through Business Alternative Income Tax, while Corporation Business Tax revenues declined.
For the fiscal year to date, total revenues reached $24.901 billion, up $968.9 million, or 4.0%, over the same period last year.
Gross Income Tax collections totaled $2.753 billion in January, up $57.9 million, or 2.2%. The increase was largely attributed to strong fourth-quarter estimated payments, aided by stock market gains. Treasury noted that GIT revenues would have been $354.5 million higher, or up 14.8%, if not for one fewer Wednesday employer withholding payment day compared with January 2025. Fiscal year-to-date GIT collections stand at $11.215 billion, up 10.0%.
Sales and Use Tax collections, the state’s largest General Fund revenue source, totaled $1.548 billion in January, an increase of $54.9 million, or 3.7%. The figures reflect December consumer activity, including holiday spending. Fiscal year-to-date collections are $7.223 billion, up 3.0%.
Corporation Business Tax collections totaled $58.6 million in January, down $139.0 million, or 70.3%, from a year ago. Treasury attributed the decline to higher refunds and lower estimated payments. For the fiscal year to date, CBT revenues total $1.412 billion, down 36.7%. Officials said elevated refunds and declines in final and estimated payments continue to impact collections.
Pass-Through Business Alternative Income Tax revenues totaled $559.6 million in January, up $30.2 million, or 5.7%. Fiscal year-to-date PTBAIT collections are $2.600 billion, up 13.9%.
Petroleum Products Gross Receipts Tax collections reached $138.2 million in January, an increase of $9.2 million, or 7.1%. A 4.2-cent-per-gallon rate increase that took effect Jan. 1 will begin impacting revenues in February due to reporting lag, Treasury said.
Casino revenues totaled $80.5 million in January, up $28.0 million, or 53.1%, compared with last year. Treasury attributed the increase to the continued growth of internet gaming and sports betting. Fiscal year-to-date casino revenues total $485.7 million, up 45.4%.
Treasury said updated revenue forecasts for fiscal year 2026 will be released in March alongside the governor’s fiscal year 2027 budget message.
