4.7%

April 15, 2019 | Number of The Day
Growth rate of NJ revenues for first nine months of current fiscal year

State tax collections swelled in March, helping to push the rate of growth in total revenues for the first nine months of the 2019 fiscal year to 4.7 percent, according to the latest official revenue report provided by the state Department of Treasury.

For the month of March alone, total tax collections were up by nearly 17 percent compared to March 2018. But despite the productive month, there’s still cause for concern. The state budget for FY2019 relies on overall revenues growing by a nearly 8 percent rate by the time the fiscal year closes on June 30.

The state’s largest single source of tax revenue is the income tax, and it continued to lag last year’s tax collections through the first nine months of FY2019, by nearly 4 percent. But there was an uptick in March, and Treasury officials are expecting to get back on pace with a major income-tax haul this month as final tax returns are sent in to meet today’s filing deadline.