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Treasury: November Major Revenues Stable

(TRENTON) - The Department of the Treasury reported that November revenue collections for the major taxes totaled $2.669 billion, up $35.1 million, or 1.3 percent over last November. The revenue growth was driven primarily by the Gross Income Tax (GIT), while Corporation Business Tax (CBT) collections were lower. Fiscal year-to-date total collections of $14.336 billion are higher by $462.2 million, or 3.3 percent above last year, matching the FY2026 Appropriations Act certified growth rate.

November collections for the GIT, which are dedicated to the Property Tax Relief Fund, totaled $1.275 billion, up $135.2 million, or 11.9 percent above last year. The increase in revenues was due primarily to collections growth from employer withholding, and a substantial decline in refunds this month. Fiscal year-to-date collections of $6.416 billion are higher by $626.3 million, or 10.8 percent.

The Sales and Use Tax, the largest General Fund revenue source, totaled $1.048 billion, up $14.8 million, or 1.4 percent over last November. Fiscal year-to-date collections of $4.692 billion are up $203.4 million, or 4.5 percent above the same period last year. Sales Tax collections this fiscal year have benefited from the full imposition of the sales tax on the purchase of zero emission vehicles.

The CBT, the second largest General Fund revenue source, finished the month at negative $78.4 million, a reduction of $113.7 million, or 322.2 percent from last November. Fiscal year-to-date collections of $648.7 million are down $657.8 million, or 50.3 percent from last year. The weakness in CBT revenues this fiscal year continues to be driven by a significant increase in refunds, many of which have been claimed for tax periods prior to 2024, and declines in both final and estimated payments.

Petroleum Products Gross Receipts Tax (PPGRT) revenues in November of $124.3 million were lower by $92,000, or 0.1 percent below last November. Fiscal year-to-date collections of $532.3 million are up $29.0 million, or 5.8 percent above last year. The recently announced increase in the PPGRT of 4.2 cents per gallon will take effect on January 1, 2026, and begin impacting revenues in the February report, due to the one-month lag in reporting.

Casino revenues totaled $80.6 million in November, an increase of $31.6 million, or 64.6 percent above last year. The increasing popularity of internet gaming and sports betting are two of the main drivers behind the growth in casino revenues. Collections this fiscal year will also be impacted by the enactment of P.L.2025, Chapter 66 (eff. July 1, 2025), which increased internet casino gaming and sports wagering taxes. Fiscal year-to-date revenues of $324.0 million are up $99.7 million, or 44.5 percent above last year.

Realty Transfer collections of $52.9 million were up $7.0 million, or 15.1 percent above last November. Fiscal year-to-date revenues of $202.1 million are higher by $24.3 million, or 13.7 percent above last year. The inventory of homes available for sale in New Jersey increased for the sixth straight month. If this positive trend in housing supply continues it may spur additional home sales.

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