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(TRENTON) - The Department of the Treasury reported today that March revenue collections for the major taxes totaled $3.951 billion, up $553.0 million, or 16.3 percent above last year. The growth in total revenues was mainly driven by higher payments from the Pass-Through Business Alternative Income Tax (PTBAIT) and the Corporation Business Tax (CBT). Fiscal year-to-date, total major revenues of $31.063 billion are now running $1.603 billion, or 5.4 percent above the same period last year, in line with the year-end target growth.

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(TRENTON) – State Treasurer Elizabeth Maher Muoio and Department of the Treasury officials testified before the Senate Budget and Appropriations Committee at the State House today, providing a detailed update on revenue projections for the remainder of Fiscal Year 2025 through Fiscal Year 2026. The following is a copy of the testimony, as prepared for delivery:

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(TRENTON) - The Department of the Treasury reported today that February revenue collections for the major taxes totaled $3.180 billion, higher by $378.5 million, or 13.5 percent, over last year. The growth in total revenues was largely due to lower refunds under the Gross Income Tax (GIT) and the Corporation Business Tax (CBT). Fiscal year-to-date, total major revenues of $27.112 billion are up $1.050 billion, or 4.0 percent above last year, and approaching the year-end target growth.

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(TRENTON) - State Treasurer Elizabeth Maher Muoio announced that Governor Murphy's Detailed Budget book for Fiscal Year 2026 is now available online through the Department of the Treasury's Office of Management and Budget website.

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(TRENTON) - The Department of the Treasury reported that January revenue collections for the major taxes totaled $5.326 billion, up $232.5 million, or 4.6 percent over last year. The growth in total revenues was led by higher collections from the Gross Income Tax (GIT), the Sales and Use Tax (SUT), and the Pass-Through Business Alternative Income Tax (PTBAIT). Fiscal year-to-date, total major revenue revenues of $23.932 billion are up $671.7 million, or 2.9 percent from the same period last year. Treasury expects revenues to perform better in the second half of Fiscal Year 2025, when most of the new Corporate Transit Fee collections should be received.

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