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(TRENTON) - The Department of the Treasury reported today that February revenue collections for the major taxes totaled $3.180 billion, higher by $378.5 million, or 13.5 percent, over last year. The growth in total revenues was largely due to lower refunds under the Gross Income Tax (GIT) and the Corporation Business Tax (CBT). Fiscal year-to-date, total major revenues of $27.112 billion are up $1.050 billion, or 4.0 percent above last year, and approaching the year-end target growth.

(TRENTON) - The Department of the Treasury reported that January revenue collections for the major taxes totaled $5.326 billion, up $232.5 million, or 4.6 percent over last year. The growth in total revenues was led by higher collections from the Gross Income Tax (GIT), the Sales and Use Tax (SUT), and the Pass-Through Business Alternative Income Tax (PTBAIT). Fiscal year-to-date, total major revenue revenues of $23.932 billion are up $671.7 million, or 2.9 percent from the same period last year. Treasury expects revenues to perform better in the second half of Fiscal Year 2025, when most of the new Corporate Transit Fee collections should be received.

(TRENTON) - State Treasurer Elizabeth Maher Muoio will be joined by senior Treasury and Administration officials for an in-person press briefing on Monday, February 24, 2025 at 2:00 p.m. in advance of Governor Murphy’s Budget Address on Tuesday, February 25, 2025.

(TRENTON) - New Jersey secured an estimated $22.155 billion in federal revenue in FY2024, which supported 609 State-administered programs, according to a first-of-its-kind report released by the state’s Grants Management Office (GMO).