August revenue collections for New Jersey’s major taxes reached $2.811 billion, marking a 6.8 percent increase compared to the same month last year, according to the Department of the Treasury. This growth represents an increase of $177.8 million over August 2024 figures.
The Gross Income Tax (GIT) accounted for more than half of this month’s overall revenue growth. GIT collections totaled $1.258 billion in August, up by $108.8 million or 9.5 percent from last year. The Treasury attributed this rise mainly to higher employer withholding and lower refunds issued during the period. Year-to-date GIT collections stand at $1.575 billion, which is $97 million or 6.6 percent higher than last fiscal year.
Sales and Use Tax (SUT), which is the largest source of General Fund revenue for New Jersey, brought in $1.162 billion—an increase of $46.2 million or 4.1 percent over August 2024 levels. Because SUT reporting lags by one month, these numbers reflect consumer activity from July rather than August itself.
The Corporation Business Tax (CBT), New Jersey’s second-largest General Fund revenue source, posted negative revenues for August at -$38 million—a decrease of $61.9 million or 258.6 percent from last year—mainly due to a significant increase in refunds issued to corporations. Fiscal year-to-date CBT collections are down by $132.3 million or 54.8 percent compared to the previous year.
Casino revenues rose sharply in August, totaling $72.2 million—up by $21.7 million or 43.1 percent from last year’s figure, driven largely by increased internet gaming and sports betting activity in the state as well as recent tax changes under P.L.2025, c.66 effective July 1, 2025, which raised taxes on these activities.
Realty Transfer Fee collections also increased in August to $51.6 million—up by $6.4 million or 14.2 percent over last year’s numbers—as housing inventory has risen for three consecutive months across New Jersey.
Despite these gains, total revenue collections so far this fiscal year are up only slightly: Year-to-date revenues stand at $3.333 billion, representing a modest increase of $43.3 million or 1.3 percent above the same period last fiscal year.
The Treasury noted that “while year-to-date revenue collections have started FY 2026 slightly below growth expectations, the first two months of the fiscal year are less significant than most other months.” The department explained that September typically brings much larger revenue inflows because quarterly estimated payments for several major taxes are due during that month.
“Please see the attached chart for monthly and yearly revenue collection comparisons,” said the Department of the Treasury.
