July revenue collections for New Jersey’s major taxes reached $3.326 billion, according to the Department of the Treasury. This marks an increase of $88.7 million, or 2.7 percent compared to July last year.
The rise in revenue was mainly driven by the Gross Income Tax (GIT), which is dedicated to the Property Tax Relief Fund. GIT collections for July were $1.471 billion, representing a 10.2 percent increase over last year, or $136.4 million more. The department attributed this growth primarily to higher employer withholding and final payments, with refunds being moderately lower.
Sales and Use Tax revenues, which are the largest source for the General Fund, totaled $1.403 billion in July—an increase of 2.6 percent from last year, or $35.7 million more.
In contrast, Corporation Business Tax collections fell by $51.2 million from last July—a decrease of 23.3 percent—reaching a total of $169.1 million for the month as higher refunds outweighed growth in estimated payments.
Payments from the Pass-Through Business Alternative Income Tax dropped by 40.4 percent ($14.1 million) compared to last year, totaling $20.7 million due mainly to higher refunds issued.
Realty Transfer Fee collections increased by 10.2 percent over last year’s figures, totaling $44.1 million in July.
The Treasury noted that July is considered effectively as a “13th month” for fiscal accounting purposes since it includes revenues related both to Fiscal Year 2025 and Fiscal Year 2026.
Final figures for FY2025 will be released after completion of annual GASB accounting procedures in the Annual Comprehensive Financial Report expected in early 2026.
“Please see the attached chart for monthly and yearly revenue collection comparisons,” stated the Department of the Treasury.
