New Jersey’s Department of the Treasury has just reported the latest on revenue collections. The main takeaway: Total revenues for the 13 months ending in July increased $3.175 billion (9.9 percent), something Treasury attributes to “numerous tax policy changes enacted last year.”
Why focus on the 13-month figure? That’s because July is effectively treated as the 13th month of the fiscal year since cash collections include revenues from both fiscal year 2019, which just ended, and fiscal year 2020, which has just begun.
Revenue collections for the month of July alone were also on target, up $250.1 million to $2.33 billion, a 12 percent increase over last July’s collections.
Another figure of note: The Corporation Business Tax continues to perform well. It totaled $177.8 million in July, up $43.8 million (32.6 percent) over last July.