October revenue collections for New Jersey’s major taxes reached $3.189 billion, an increase of 5.4 percent compared to the same month last year, according to the Department of the Treasury. This growth was mainly due to higher Sales and Use Tax (SUT) and Gross Income Tax (GIT) revenues, while Corporation Business Tax (CBT) collections declined.
For the fiscal year so far, total collections stand at $11.667 billion, which is 3.8 percent higher than last year and above the certified growth rate in the FY2026 Appropriations Act.
Gross Income Tax collections for October were $1.401 billion, up 4.8 percent from last year. The department attributed this rise primarily to “strong collections growth from employer withholding and final payments, offset in part by an increase in refund issuances.” Year-to-date GIT revenues are up 10.6 percent.
Sales and Use Tax revenues totaled $1.418 billion in October, a 9.3 percent increase over last year. Fiscal year-to-date SUT collections are up 5.5 percent compared to the same period last year. The department noted that “Sales Tax collections during the first quarter of this fiscal year benefited from the full imposition of the sales tax on the purchase of zero emission vehicles.”
In contrast, Corporation Business Tax finished October at negative $61.8 million—a drop of 195.4 percent from last October—due to increased refunds and a decrease in estimated payments. So far this fiscal year, CBT revenues have fallen by 42.8 percent.
The Pass-Through Business Alternative Income Tax generated $38.8 million in October, marking a significant increase over last year due to higher estimated payments and fewer refunds issued.
Petroleum Products Gross Receipts Tax revenues also rose by nearly 10 percent compared to last October, with fiscal-year-to-date totals showing a similar upward trend despite a lower starting rate this fiscal year.
Casino tax revenues climbed by 29.2 percent in October, reaching $72.5 million as internet gaming and sports betting continue to grow in popularity: “The increasing popularity of internet gaming and sports betting are two of the main drivers behind the growth in casino revenues.” Collections are expected to be further affected by new legislation that increased taxes on these activities effective July 1.
Realty Transfer Fee collections increased by 6.6 percent for October as housing inventory grew for a fifth consecutive month; continued expansion could support more home sales if trends persist.
A chart comparing monthly and yearly revenue collection figures was made available by the Department of the Treasury.
