Department of the Treasury

Treasury Press Releases

Date	Title	Link Type
Date	Title	Link Type
Dec 17	Revenue Trends Hold Steady in November TRENTON - The Department of the Treasury reported today that revenue collections held steady in November with combined collections for the major taxes totaling $2.137 billion, up $206.4 million, or 10.7 percent above last November. Year-to-date, collections for Fiscal Year 2020 (FY 2020) totaled $10.918 billion, up $990.8 million, or 10 percent, above the same five month period last year. However, there remains ongoing uncertainty surrounding the continuation of these trends for the remaining seven months of FY 2020. Read More
Nov 18	Revenue Collections Currently Above Target TRENTON - The Department of the Treasury reported today that October revenue collections were above targeted growth, with collections for the major taxes totaling $2.639 billion, up $361.9 million, or 15.9 percent above last October. Year-to-date, total collections of $8.781 billion are up $784.4 million, or 9.8 percent above the same period last year. Read More
Nov 07	Treasurer Muoio Urges NJ Veterans to Apply for Newly Doubled $6,000 Income Tax Exemption TRENTON - – With the Veterans Income Tax Exemption doubling to $6,000 for 2019, State Treasurer Elizabeth Maher Muoio is urging New Jersey veterans to check their eligibility and pre-certify to make claiming the exemption easier during tax filing season. Read More
Oct 17	Treasury Releases Nearly Half of Spending Placed in Reserve under Governor Murphy’s Executive Order to Protect New Jersey’s Fiscal Health TRENTON - The Department of the Treasury today released $114 million of the $235 million in spending that had been placed into reserve in July to help maintain a balanced budget and a responsible surplus pursuant to Executive Order No. 73 signed by Governor Murphy. Read More
Oct 17	September Revenue Collections on Target TRENTON - The Department of the Treasury reported today that overall September revenue collections exceeded projected growth at the close of the first quarter of Fiscal Year 2020 (FY 2020). Collections for the major taxes totaled $3.628 billion, up $333.3 million, or 10.1 percent, compared to last September. Year-to-date, total collections of $6.143 billion are up $422.5 million, or 7.4 percent above the same three months last year. Read More
Sep 18	NJ Treasury Launches New Online Service to Streamline Certifications for Small, Minority, Women, and Veteran-Owned Businesses TRENTON - State Treasurer Elizabeth Maher Muoio today announced the launch of a new web-based portal that streamlines how small, minority, women, and veteran-owned business enterprises (SMWVBEs) certify with the state, allowing them to more easily compete for state contracts with the Department of the Treasury. Read More
Sep 17	FY 2020 Revenue Collections Continue on Target through August TRENTON – The Department of the Treasury today reported that August revenue collections are on target two months into the new fiscal year. Read More
Sep 5	Treasury Announces Changes in Public Employee Health Benefit & Pension Costs that will Help Rein in Property Taxes for the Coming Year TRENTON –State Treasurer Elizabeth Maher Muoio announced today that local government and school employers can expect to see relief in the coming year when it comes to the cost of health benefits and pension contributions – two of the largest drivers of property taxes. Read More
Aug 28	Treasurer Announces NJ Gas Tax Rate Will Remain Stable for Coming Year TRENTON - State Treasurer Elizabeth Maher Muoio announced today that New Jersey’s current tax rate on gasoline and diesel fuel will remain stable for the coming year at 41.4 cents and 48.4 cents per gallon, respectively. Read More
Aug 14	Treasury Reports July Revenue Collections on Target as New Fiscal Year Gets Underway TRENTON - The Department of the Treasury reported that July revenue collections are on target as the new fiscal year gets underway, with collections for the major taxes totaling $2.33 billion, up $250.1 million, or 12 percent, compared to last July. Read More
July 25	New Jersey to Host Garden State’s First Ever Summit to Connect Minority, Women, Veteran, & LGBTQ Businesses with Billion-Dollar Economic Engine TRENTON - Governor Phil Murphy announced today that the State of New Jersey will host NJ Connects, the first-ever state summit designed to connect minority-, women-, veteran-, and LGBTQ-owned businesses with roughly one billion dollars in public and private sector contracting opportunities. Read More
July 3	Treasury Releases List of Spending Items Placed in Reserve Pursuant to Governor’s Executive Order Designed to Protect State’s Fiscal Health TRENTON - The Department of the Treasury today released the list of spending items in the newly enacted FY 2020 Appropriations Act that have been placed into reserve pursuant to Executive Order No. 73 signed by Governor Murphy on Sunday. Read More
July 3	NJ Treasury Launches New Online Portal to Transform the Issuance and Monitoring of Tax Incentives TRENTON - State Treasurer Elizabeth Maher Muoio today announced the launch of a new web-based portal that will transform the way Treasury’s Division of Taxation and the NJ Economic Development Authority (EDA) issue and review economic development tax incentives that have been awarded, allowing the agencies to track the entire lifespan of a tax credit, regardless of how many times it is sold from company to company. Read More
June 17	NJ Treasury Submits Rules Governing New Public Private Partnership (P3) Program TRENTON - The Department of the Treasury announced today that the proposed rules governing the expansion of the New Jersey Public Private Partnership (P3) program are now available on the New Jersey Register for public comment. Read More
June 14	Treasury: Despite May Dip, FY2019 Revenue Collections on Track TRENTON - The Department of the Treasury reported that May revenue collections for the major taxes totaled $2.452 billion, down $142 million, or 5.5 percent below last May, after rebounding in April. However, fiscal year-to-date revenues are on track to meet Treasury’s updated year-end projections with $29.361 billion collected in total, up $2.576 billion, or 9.6 percent, over the same period last year. Read More
May 20	Treasurer Muoio: Moody’s Agrees We Need to Grow our Reserves to Prepare for the Inevitable TRENTON - State Treasurer Elizabeth Maher Muoio released the following statement Monday on the latest Moody’s analysis that underscores New Jersey’s need to better prepare for an eventual recession: Read More
May 14	Treasury Executes new Agreement with NJ Lottery’s Sales & Marketing Operator, Saving the State Roughly $100 Million over Life of Contract TRENTON - State Treasurer Elizabeth Maher Muoio announced that the Department of the Treasury has entered into an amended service agreement with Northstar New Jersey Lottery Group, which controls the New Jersey Lottery’s sales and marketing operations, a move that is projected to save the state roughly $100 million over the remaining life of the contract. Read More
May 14	Treasurer Muoio Announces State Revenue Projections are up for FY19 & FY20, Allowing for $250 Million in Property Tax Relief to Roughly a Million Residents TRENTON - State Treasurer Elizabeth Maher Muoio appeared before the Senate Budget and Appropriations Committee today to present revised revenue estimates for both FY2019 and FY2020, highlighting New Jersey’s improved revenue outlook due in part to the record-setting $3.627 billion in Gross Income Tax receipts the state collected for the all-important month of April. Read More
May 13	Murphy Administration Poised to Make First Deposit in Rainy Day Fund Since Great Recession Dried it up More Than a Decade Ago TRENTON - State Treasurer Elizabeth Maher Muoio announced that the Murphy administration is poised to make a deposit in New Jersey’s Surplus Revenue Fund (SRF) for the first time in more than a decade. The Surplus Revenue Fund, more commonly referred to as the “rainy day fund,” has sat dry since late 2008, just after the Great Recession hit. Read More
Apr 11	Treasury: March Revenue Collections Rise 16.9%, Income Tax Up 22.9% TRENTON - The Department of the Treasury reported that March revenue collections for the major taxes totaled $1.822 billion, up $262.8 million, or 16.9 percent, above last March. Fiscal year-to-date, total collections of $21.098 billion are up $947.7 million, or 4.7 percent, above the same period last year. Read More
Apr 08	Treasury & EDA Hosting Follow-up Subcontractor Opportunity Forum to Boost Inclusivity in $225 Million State Office Building Development Project The New Jersey Department of the Treasury and the New Jersey Economic Development Authority (NJEDA) will host a second opportunity forum next week to help small, women, minority, and veteran-owned subcontracting companies (SMWVBEs) explore opportunities to work on the new state office building development projects underway in Trenton. Read More
Apr 01	Treasurer Muoio Testifies Before Assembly Budget Committee State Treasurer Elizabeth Maher Muoio testified before the Assembly Budget Committee at the State House today, providing a detailed update on revenue projections for both fiscal year 2019 and 2020 and detailing Gov. Murphy’s plans to restore fiscal responsibility and grow and strengthen New Jersey’s middle class. Read More
Mar 27	Treasurer Muoio Announces Appointment of Corey Amon as Director of NJ Division of Investment State Treasurer Elizabeth Maher Muoio announced that Acting Director Corey Amon was sworn in this morning as the permanent Director of the Department of the Treasury’s Division of Investment (DOI). Read More
Mar 14	February Revenue Collections Up 8.9%, Revised FY2019 Forecast Up Slightly The Department of the Treasury reported that February revenue collections for the major taxes totaled $2.334 billion, up $191 million, or 8.9 percent above last February. Fiscal year-to-date, total collections of $19.277 billion are up $685 million, or 3.7 percent above the same period last year. Read More
Mar 13	NJ Treasury and NJEDA Seeking Artists for New State Buildings in Trenton The state of New Jersey is seeking artists to design, construct, and install artwork for the new state office buildings being constructed in downtown Trenton, the NJ Department of the Treasury and the NJ Economic Development Authority (NJEDA) announced today. Read More
Feb 14	January Revenue Collections Up 5.9% Despite Income Tax Uncertainty The Department of the Treasury reported that January revenue collections for the major taxes totaled $4.042 billion, up $225 million, or 5.9 percent above last January. Year-to-date, total collections of $16.942 billion are up $493.8 million, or 3.0 percent above the same period last year. Read More
Feb 02	Treasury’s Unclaimed Property Administration Presents $1.8 Million Check to Help Struggling Households with Utility Costs The New Jersey Department of the Treasury’s Unclaimed Property Administration (UPA) presented the Affordable Housing Alliance with a check this week for $1.78 million to help provide assistance to low and moderate income New Jersey households struggling to pay their utility bills. Read More
Jan 24	In light of Federal Shutdown, NJ Treasury Reminds Struggling Taxpayers that Assistance is Available With income tax filing season about to get underway, and the prolonged federal government shutdown placing a financial strain on furloughed workers, the New Jersey Department of the Treasury wants to remind all taxpayers that the Division of Taxation stands ready to assist anyone experiencing hardship who may be struggling to make payments. Read More
Jan 14	Treasury: December Revenue Collections Dip as Federal Tax Law Changes Impact the Timing of Certain Payments The Department of the Treasury reported that December revenue collections for the major taxes totaled $2.973 billion, down $335 million, or 10.1 percent below last December. However, year-to-date, total collections of $12.901 billion are up $269 million for FY 2019, 2.1 percent above the same period last year. Read More
Dec 27	Treasury’s Unclaimed Property Administration Launches Targeted Outreach to over 3,000 Veterans, Widows Who May Have Lost Assets As part of the Department of the Treasury’s ongoing efforts to reconnect state-held assets to their rightful owners, the Unclaimed Property Administration (UPA) has launched a veterans outreach campaign, which has uncovered as many as 3,000 veterans and widows in New Jersey who may have unclaimed assets, resulting in over $200,000 being returned to families thus far. Read More
Dec 14	FY 2019 Revenue Collections Remain on Target through November The Department of the Treasury reported that revenue collections remain on target through the first five months of FY 2019. Collections for the major taxes totaled $1.93 billion, down $58.8 million, or 3.0 percent, compared to last November. However, year-to-date total collections of $9.927 billion are up $603.5 million, or 6.5 percent above the same period last year. Read More
Nov 16	State of New Jersey Launches Tax Amnesty Program The New Jersey Division of Taxation has announced the official launch of the 2018 Tax Amnesty program to provide individuals and businesses with the opportunity to pay back taxes or file past returns with no penalties and reduced interest. Read More
Nov 14	FY 2019 Revenue Collections on Target through October The Department of the Treasury reported that October revenue collections were on target through the first four months of FY 2019. Collections for the major taxes totaled $2.277 billion, up $73.0 million, or 3.3 percent, compared to last October. Year-to-date, total collections of $7.997 billion are up $663.3 million, or 9.0 percent above the same period last year. Adjusting for an accelerated gross income tax withholding payment, year-to-date growth in the major revenues is 7.3 percent, almost exactly matching the year-end target growth rate of 7.5 percent. Read More
Oct 15	FY 2019 Revenue Collections Above Target In September The Department of the Treasury reported today that September revenue collections were above target growth at the close of the first quarter of FY 2019. Collections for the major taxes totaled $3.295 billion, up $393.7 million, or 13.6 percent, compared to last September. Year-to-date, total collections of $5.72 billion are up $591.2 million, or 11.5 percent above the same three months last year. Read More
Oct 2	State Strives for Inclusivity with $225 Million Downtown Trenton Investment Poised to Get Underway In an effort to attract small, minority- and women-owned businesses, the Department of the Treasury and the NJ Economic Development Authority (EDA) will host a networking event next week for entrepreneurs to showcase the opportunities that lie ahead as two new state office building projects get underway. Read More
Sept 27	New Jersey’s Pension Fund Outperforms Benchmark with 9.06 percent Return for FY18 The Department of the Treasury’s Division of Investment (DOI) today announced that the final, unaudited net return for New Jersey’s Pension Fund was 9.06 percent for fiscal year 2018, exceeding both the benchmark return of 8.65 percent and the 7.5 percent statutory assumed rate of return. Read More
Sept 27	Treasurer Muoio Welcomes Moody’s “Credit Positive” Statement on Health Benefits Savings Announced Last Week State Treasurer Elizabeth Maher Muoio welcomed news that Moody’s Investors Service has deemed the health benefits savings agreement the Murphy Administration announced last week a “credit positive” for the State of New Jersey. Read More
Sept 26	Governor Murphy Signs Executive Order Creating NJ State Capital Partnership to Help Aid Trenton’s Revitalization Governor Phil Murphy today signed an Executive Order establishing the New Jersey State Capital Partnership, an initiative designed to harness state support and resources to spur economic development in Trenton and help chart a new course for New Jersey’s capital city. Read More
Sept 25	N.J. Division of Taxation Postpones Deadlines for Hurricane Florence Victims The New Jersey Division of Taxation postponed tax filing and payment deadlines for taxpayers affected by Hurricane Florence, State Treasurer Elizabeth Maher Muoio announced today. Read More
Sept 17	FY 2019 Revenue Collections on Target through August The Department of the Treasury reported Monday that August revenue collections are on target two months into the new fiscal year. Read More
Sept 17	Treasurer Muoio Extends Condolences to Family of Former State Treasurer Cliff Goldman State Treasurer Elizabeth Maher Muoio extended her heartfelt condolences to the family of Cliff Goldman, who served as Treasurer from 1976 through 1982: Read More
Sept 17	Murphy Administration Announces Major Health Care Savings Agreement Governor Phil Murphy today announced that the Murphy Administration has reached a health care benefits agreement with labor groups, including the New Jersey Education Association (NJEA) Read More
Aug 30	Treasury Department Announces Change in Gas Tax Rate Effective October 1 2016 Law Mandates Adjustments to Ensure Funding for Critical Infrastructure Projects Read More
Aug 17	New Jersey’s July Revenue Collections on Target as New Fiscal Year Gets Underway The Department of the Treasury reported that July revenue collections are on target as the new fiscal year gets underway, with collections for the major taxes totaling $2.030 billion, up $149.0 million, or 7.9 percent, compared to last July. Read More
Aug 10	NJ Unclaimed Property Administration Returns Near-Record Amount of Assets to Rightful Owners & Heirs New Jersey returned a near-record amount of unclaimed property and assets during the fiscal year that just ended, according to State Treasurer Elizabeth Maher Muoio, with a total of $142.6 million returned to 50,837 rightful owners and heirs in FY 2018. Read More
July 20	Treasurer Muoio Announces Appointment of AG’s Office Veteran James Carey to Helm the New Jersey Lottery State Treasurer Elizabeth Maher Muoio today announced that James Carey, a veteran of the Attorney General’s Office, has been appointed the new Executive Director of the New Jersey Lottery. Carey will officially take over the helm on July 23 as Acting Executive Director while his nomination awaits advice and consent from the State Senate. Read More
July 12	Treasurer Muoio Unveils Health Benefit Measures Designed to Keep Premiums in Check, Yield Significant Annual Cost Savings State Treasurer Elizabeth Maher Muoio today laid out a framework for several initial state health benefit cost-saving measures underway by the Murphy Administration that are projected to yield significant annual savings for taxpayers, while upholding the state’s commitment to public employees. Read More
Jun 14	May Revenue Update: General Fund Revenues Remain Weak; Structural Imbalance Persists Between General Fund and Property Tax Relief Fund The Department of the Treasury today announced that dedicated revenues remain stable while General Fund revenues remain weak for FY 2018 with the Corporation Business Tax (CBT) seeing a substantial decline for the month of May. Read More
Jun 1	State Treasurer Muoio Orders Immediate Freeze of State Hiring & Spending State Treasurer Elizabeth Maher Muoio on Friday directed all state cabinet and agency heads to immediately freeze all hiring, promotions and discretionary spending until further notice in order to ensure General Fund resources are adequate to support essential state operations. Read More
May 21	State Treasurer Delivers Revised Revenue Estimates to Assembly Budget Committee State Treasurer Elizabeth Maher Muoio appeared before the Assembly Budget Committee on Monday to present revised revenue estimates for both FY18 and FY19 and relayed a sobering message on New Jersey’s accelerating structural budget imbalance, precipitated in large part by a number of tax changes made under the previous administration. Read More
May 15	April Revenue Collections Flat, but Year-to-Date Revenues Remain on Target The Department of the Treasury on Monday reported that April revenue collections for the major taxes were essentially flat compared to last April, up by only 0.3 percent. Total revenues are tracking close to the FY 2018 aggregate target, increasing $1.338 billion, or 5.9 percent, year-to-date. Read More
Apr 18	NJ Division of Taxation Extends Filing Deadline until Midnight Tonight to Mirror IRS Decision Following the Internal Revenue Service’s lead, the New Jersey Department of the Treasury’s Division of Taxation announced Wednesday that it is providing taxpayers with an additional day to file and pay their taxes. Read More
Apr 12	Muoio Becomes Just Second Woman In New Jersey History To Be Confirmed As State Treasurer Governor Murphy’s nomination for State Treasurer – Elizabeth Maher Muoio – became just the second woman in New Jersey history to be confirmed to the cabinet post after receiving official confirmation from the State Senate on Thursday. Read More
Apr 10	Acting Treasurer Muoio Testifies Before Senate Budget Committee Acting State Treasurer Elizabeth Maher Muoio testified before the Senate Budget and Appropriations Committee at the State House today, providing a detailed update on revenue projections for both fiscal year 2018 and 2019 and detailing Gov. Murphy’s plans to get the state’s fiscal house in order by charting a new trajectory for New Jersey Read More
Mar 29	NJ State Investment Council Announces Sale of Holdings in Manufacturers of Automatic & Semi-Automatic Arms for Civilian Use Division of Investment Exercises its Fiduciary Responsibilities to Act in the Best Interest of Plan Participants, Based on the Merits of the Investment Read More
Mar 29	Governor Phil Murphy's Detailed Budget Book For FY 2019 Now Available Online Read More
Feb 22	Following Governor’s Lead, Acting Treasurer Muoio Assembles Diverse, Women-led Treasurer’s Office Read More
Mar 1	Acting Treasurer Muoio Authorizes Changes to Assumed Rate of Return for NJ’s Retirement Systems, Laying out Responsible Pathway to Actuarial Assumptions Read More
Feb 20	NJ Treasury Assures Filers of Online Taxation Data Security Measures Read More
Feb 14	January Revenue Performance Mixed Read More
Feb 9	State Treasurer Urges NJ Veterans to Apply For New $3,000 Income Tax Exemption Read More
Jan 12	Revenues for Fiscal Year 2018 Exceeding Projection Read More
Jan 11	Division of Taxation Launches New Website and Self-Help Videos Read More
Jan 8	Lottery Enterprise Contribution Act Lowering State’s Borrowing Costs Read More

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