TRENTON, N.J. — New Jersey’s Department of the Treasury reported that major revenue collections remained stable in November, with total collections rising modestly compared with the same month last year.
According to the department, November revenue collections for the state’s major taxes totaled $2.669 billion, an increase of $35.1 million, or 1.3 percent, from November 2024. Growth was driven largely by the Gross Income Tax, while collections from the Corporation Business Tax declined.
Fiscal year-to-date collections totaled $14.336 billion, an increase of $462.2 million, or 3.3 percent, compared with the same period last year. That figure matches the certified growth rate included in the Fiscal Year 2026 Appropriations Act.
Gross Income Tax collections, which are dedicated to the Property Tax Relief Fund, totaled $1.275 billion in November, up $135.2 million, or 11.9 percent, from a year earlier. Treasury officials said the increase was primarily due to stronger employer withholding and a significant decline in refunds during the month. Fiscal year-to-date Gross Income Tax collections reached $6.416 billion, up $626.3 million, or 10.8 percent, year over year.
Sales and Use Tax collections, the state’s largest General Fund revenue source, totaled $1.048 billion in November, an increase of $14.8 million, or 1.4 percent, from last year. For the fiscal year to date, Sales and Use Tax revenues totaled $4.692 billion, up $203.4 million, or 4.5 percent. Treasury noted that collections this year have benefited from the full imposition of the sales tax on purchases of zero-emission vehicles.
Corporation Business Tax collections declined sharply, finishing November at negative $78.4 million, a decrease of $113.7 million, or 322.2 percent, from the same month last year. Fiscal year-to-date Corporation Business Tax collections totaled $648.7 million, down $657.8 million, or 50.3 percent. The department attributed the weakness to a substantial increase in refunds, many tied to tax periods before 2024, as well as lower final and estimated payments.
Petroleum Products Gross Receipts Tax revenues totaled $124.3 million in November, down slightly by $92,000, or 0.1 percent, from last year. Fiscal year-to-date collections of $532.3 million are up $29.0 million, or 5.8 percent. Treasury noted that a recently announced increase of 4.2 cents per gallon in the tax will take effect Jan. 1, 2026, with revenue impacts expected to appear in the February report because of a one-month reporting lag.
Casino revenues totaled $80.6 million in November, an increase of $31.6 million, or 64.6 percent, from a year earlier. Treasury cited the growing popularity of internet gaming and sports betting as key drivers of the increase. Fiscal year-to-date casino revenues reached $324.0 million, up $99.7 million, or 44.5 percent, reflecting both increased activity and higher tax rates enacted under P.L.2025, Chapter 66, which took effect July 1.
Realty Transfer Fee collections totaled $52.9 million in November, up $7.0 million, or 15.1 percent, from last year. Fiscal year-to-date revenues of $202.1 million are up $24.3 million, or 13.7 percent. Treasury noted that New Jersey’s housing inventory increased for the sixth consecutive month, a trend that could lead to additional home sales if it continues.
