NJ taxes lag behind pre-recession high

New Jersey’s tax revenue has yet to fully rebound more than a decade after the start of the great recession.

New research released by the Pew Charitable Trusts found that New Jersey was one of a handful of states tax revenue in the fourth quarter of 2018 fell below the state’s peak revenue before the start of the great recession.

In the Garden state, tax revenue in the last quarter of 2018 fell 4% behind the state’s peak pre-recession figures, even after being adjusted for inflation.

The same was not true of any other north-eastern state.

In New York, revenues were up 14% from their recession-era highs. Pennsylvania’s figures were 6% ahead of where they were before the recession hit.

Revenues in Delaware (12%), Maryland (21%), Connecticut (16%) and Massachusetts (16%) were also all above their pre-recession peaks.

Tax revenues were down in nine states aside from New Jersey.

In Alaska, taxes brought in 83% less than they did before the recession hit. In Wyoming, revenues were down 36% from where they were more than a decade ago.

Other states, like New Mexico (-4%), Florida (-8%) and Ohio (-7%) posted smaller decreases from their pre-recession records.