The New Jersey Department of the Treasury announced that August revenue collections for major taxes reached $3.194 billion, representing an increase of $353.5 million, or 12.4 percent, compared to the same period last year.
Driven largely by gains in the Sales and Use Tax (SUT), Gross Income Tax (GIT), and realty-related fees, total fiscal year-to-date revenue collections have climbed to $3.832 billion, marking a 14.0 percent increase over last year.
August GIT collections totaled $1.365 billion, up 8.5 percent over the previous year, supported by higher employer withholding and estimated payments alongside lower refund activity.
As the state’s largest General Fund revenue source, the SUT brought in $1.328 billion—a 14.3 percent increase reflecting July consumer activity and notable momentum within technology-oriented sectors.
Realty Transfer Fee revenues rose 18.2 percent to $61.0 million, bolstered by strong closed home sales and high median prices, while Net Corporation Business Tax collections reached $1.2 million for the month due to significantly lower refunds.
State officials noted that while the initial two months of the fiscal year carry less comparative weight, upcoming September collections are projected to be significantly higher due to quarterly estimated payments across major business and income tax categories.
