New Jersey’s revenues are up $488.7 million over August 2020 with the state’s major tax income haul up 25% to $2.4 billion, the state treasurer’s office said on Wednesday.
According to the treasury department, New Jersey brought in over $1 billion from the Gross Income Tax, up 26% from last August. The Sales and Use tax reported a 9% increase, with $970.3 million reported. These calculations are one-month behind: August revenues reflects consumer activity in July.
The state also received $52.6 million from the Corporation Business Tax, an increase of 46% over the same time last year.
“While overall collections are up soundly compared to last year, the first two months of the fiscal year are relatively small. The first meaningful month will be September because of the significant quarterly estimated payments that are due under the GIT and the CBT,” the state treasurer’s office said. “Treasury expects FY 2022 collections growth to moderate into the winter months as the impact of the COVID-19 pandemic eases and the substantial federal income stimulus fades.”August 2021 revenue report