April is the cruelest, sorry, largest month of the year for tax collections. New Jersey’s Department of the Treasury reported this week that revenue collections for the major taxes in April amounted to $2.3 billion, barely squeaking up by 0.3 percent over last April’s intake. Treasury also reported that total revenues are tracking close to their target for financial year 2018.
The flat result in April is being attributed to the prepayment by many taxpayers of about $200 million in December 2017 to take advantage of the federal State and Local Tax (SALT) deduction that was about to expire, thanks to the recent GOP federal tax changes. So, the pancake-flat return for April wasn’t unexpected.