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Treasury: July Revenue Collections Moderately Higher as New Fiscal Year Begins

(TRENTON) – The Department of the Treasury reported today that July revenue collections for the major taxes totaled $3.326 billion, an increase of $88.7 million, or 2.7 percent above last year. The revenue increase was led by higher net collections from the Gross Income Tax (GIT). Total major revenues of $50.179 billion for the 13-month period ending in July were up by $2.839 billion, or 6.0 percent above the same period last year, in line with current expectations.

July collections for the GIT, which is dedicated to the Property Tax Relief Fund, totaled $1.471 billion, up $136.4 million, or 10.2 percent above last year. The increase in net revenues was primarily due to higher collections from employer withholding and final payments, while refunds were moderately lower.

The Sales and Use Tax, the largest General Fund revenue source, reported $1.403 billion, an increase of $35.7 million, or 2.6 percent above last July. The Corporation Business Tax, which is the second largest General Fund revenue source, totaled $169.1 million in July, a decrease of $51.2 million, or 23.3 percent, as higher refunds more than offset growth in estimated payments.

Pass-Through Business Alternative Income Tax payments totaled $20.7 million, lower by $14.1 million, or 40.4 percent, primarily due to higher refunds. Realty Transfer Fee collections of $44.1 million in July were $4.1 million, or 10.2 percent above last year.

July is effectively treated as the 13th month of the fiscal year because cash collections include revenues from both Fiscal Year 2025, which just ended, and Fiscal Year 2026, which has just begun.

After the annual GASB accounting process is completed, final collections for FY2025 will be published in the Annual Comprehensive Financial Report due out in early 2026.

Please see the attached chart for monthly and yearly revenue collection comparisons.