Department of the Treasury
Treasury: Revenue Collections Higher by 4.4 Percent in September
(TRENTON) – The Department of the Treasury reported that September revenue collections for the major taxes totaled $5.145 billion, up $219.2 million, or 4.4 percent over last September. The revenue growth was led by increases in the Gross Income Tax (GIT) and in the Pass-Through Business Alternative Income Tax (PTBAIT). Year-to-date total collections of $8.478 billion are higher by $262.4 million, or 3.2 percent above the same period last fiscal year, tracking very close to the 3.3 percent FY 2026 projected growth.
September collections for the GIT, which are dedicated to the Property Tax Relief Fund, totaled $2.166 billion, up $329.7 million, or 18.0 percent above last year. The increase in revenues was due primarily to strong collections from employer withholding and estimated payments, while refunds were below last year. Fiscal year-to-date collections of $3.741 billion are higher by $426.7 million, or 12.9 percent.
The Sales and Use Tax (SUT), the largest General Fund revenue source, totaled $1.064 billion, up $22.1 million, or 2.1 percent over last year. SUT collections growth has trended below the rate of regional core inflation for eleven of the past fifteen months. Fiscal year-to-date collections of $2.226 billion are up $68.3 million, or 3.2 percent above the same period last year.
The Corporation Business Tax (CBT), the second largest General Fund revenue source, totaled $679.8 million in September, a decrease of $285.2 million, or 29.5 percent from last year. Fiscal year-to-date collections of $788.9 million are down $417.5 million, or 34.6 percent below last year. Weakness in the CBT in FY 2026 has been driven by an increase in refunds related to tax periods prior to 2022, and a sharp drop in estimated payments in September. Through the third quarter of Tax Year 2025, estimated corporate tax payments have declined by approximately 6.2 percent overall, following an 8.3 percent increase through the first two quarters.
PTBAIT revenues totaled $880.5 million in September, higher by $118.9 million, or 15.6 percent above last year. The collections growth was driven entirely by higher estimated payments. Fiscal year-to-date revenues of $915.7 million are up by $99.0 million, or 12.1 percent.
Casino revenues totaled $79.6 million in September, an increase of $29.9 million, or 60.1 percent above last year. The increasing popularity of internet gaming and sports betting are two of the main drivers behind the growth in casino revenues. Collections this fiscal year will also be impacted by the enactment of P.L.2025, c.66 (eff. July 1, 2025), which increased internet casino gaming and sports wagering taxes. Fiscal year-to-date revenues of $170.9 million are higher by $51.7 million, or 43.4 percent above last year.
Realty Transfer collections of $52.9 million were up $8.2 million, or 18.2 percent above last September. Fiscal year-to-date, revenues of $104.6 million are higher by $14.6 million, or 16.2 percent above last year. The inventory of homes available for sale in New Jersey increased substantially for the fourth straight month. The growth in realty collections has been helped along by elevated home prices as of late, given recent declines in unit sales.
Please see the attached chart for monthly and yearly revenue collection comparisons.