April revenue collections for New Jersey’s major taxes reached $7.386 billion, a 6.4 percent increase compared to the same month last year, according to the Department of the Treasury. The rise was largely due to gains in the Gross Income Tax (GIT), which offset a decrease in Corporation Business Tax (CBT) receipts.
The GIT, which supports the Property Tax Relief Fund, brought in $4.246 billion for April—an 18.7 percent increase over last year. Even after adjusting for an extra Wednesday withholding payment this April, revenues were still up by 12.3 percent from last year. Final payments during April totaled $3.433 billion, marking a 21.3 percent increase from last year’s figures.
Sales and Use Tax (SUT), New Jersey’s largest General Fund revenue source, collected $1.327 billion in April—up 3.6 percent over last year’s numbers. Due to reporting lags, these figures reflect consumer activity from March rather than April itself.
The CBT fell by 18.3 percent compared to last April, totaling $1.012 billion for the month. Final payments under CBT dropped by 23 percent from last year, and estimated payments for tax year 2025 also declined by 17.5 percent compared with last April’s numbers. Preliminary analysis suggests that corporations are using more net operating losses this fiscal year, leading to lower CBT payments overall.
Pass-Through Business Alternative Income Tax (PTBAIT) payments increased as well; April saw collections of $550.5 million—a nearly 20 percent rise over the previous year—with estimated quarterly payments up by almost 18 percent.
Fiscal-year-to-date figures show total major revenues at $38.449 billion—5.6 percent higher than at this point one year ago.
Given these results, Treasurer Elizabeth Maher Muoio updated State revenue forecasts before legislative budget committees this week: “The FY 2025 forecast improved by $388.5 million, about 0.7 percent above the prior expectation.”
