The New Jersey Department of the Treasury announced that March revenue collections for major taxes totaled $4.321 billion, marking a 9.4 percent increase over the same period last year. The $370 million year-over-year gain keeps the state’s fiscal year-to-date (FYTD) revenues at $32.313 billion, tracking closely with annual targets.
The monthly growth was primarily fueled by a surge in the Gross Income Tax (GIT), though officials noted that much of the spike was attributed to a shift in the timing of refund issuances.
March GIT collections, which are constitutionally dedicated to the Property Tax Relief Fund, totaled $1.595 billion—a significant 43.9 percent increase over last year.
Treasury officials explained that while employer withholding and final payments saw genuine gains, the primary driver was a decrease in refunds paid out during March. A large tranche of Tax Year 2025 refunds was processed in late February rather than the traditional early March window, creating a year-over-year mismatch that inflated March’s net total.
While overall revenues are up, some sectors showed the impact of severe weather in February:
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Sales and Use Tax (SUT): The state’s largest General Fund source dipped 2.4 percent to $883.5 million. Since SUT collections reflect economic activity from the prior month, officials believe February’s winter storms suppressed consumer spending.
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Realty Transfer Fee: Revenues fell 8.4 percent to $31.3 million, with officials again pointing to storms as a likely cause for a temporary slowdown in home sales.
The Corporation Business Tax (CBT) experienced a notable decline, falling 19.9 percent in March to $368.5 million. On a fiscal year-to-date basis, CBT revenues are down 35.2 percent ($952.6 million), driven by elevated refund levels from prior tax periods and broader declines in estimated payments.
Conversely, the Pass Through Business Alternative Income Tax (PTBAIT) remained steady. Despite a minor 1 percent dip compared to a high baseline last year, collections totaled $929.8 million. FYTD, PTBAIT is up 8.7 percent, which the Treasury characterized as a “promising” result for the annual filing season.
Summary of major revenue sources (March 2026)
| Tax Source | March Collections | Change vs. Last Year | FYTD Performance |
| Gross Income Tax | $1.595 Billion | +43.9% | +10.2% |
| Sales & Use Tax | $883.5 Million | -2.4% | +2.4% |
| Corp. Business Tax | $368.5 Million | -19.9% | -35.2% |
| PTBAIT | $929.8 Million | -1.0% | +8.7% |
| Realty Transfer Fee | $31.3 Million | -8.4% | +8.2% |
The Insurance Premium Tax (IPT) saw mixed monthly results due to the March 1 prepayment deadline, falling 46.4 percent for the month. However, when combining February and March collections to account for payment timing, the IPT is up 7.4 percent over the same two-month period last year, with FYTD revenues up a robust 30.8 percent.
Overall, the Treasury reports that the state’s total major revenues remain $1.249 billion higher than this time last year, maintaining a stable fiscal trajectory heading into the final quarter of the fiscal year.
