February 19, 2020 | Number of The Day
New Jersey revenue collections in January 2020

New Jersey’s revenue collections for January 2020 were a smidgen ahead of last January’s receipts — by 0.7% (or $27.4 million). They totaled $4.069 billion for the major taxes, according to the Department of the Treasury. Gross Income Tax receipts of $2.354 billion were 6.6% above those of last January. The Sales and Use Tax, the largest General Fund revenue source, came to $1.105 billion, down 2.6% from last January. The Corporation Business Tax is the second largest General Fund revenue source; it generated $221.1 million, 19.3% below last January’s haul. Contributing to that decline was a 113.6% jump in refund payments — Treasury has been cautioning about potential increases in CBT refunds; tax analysts have suggested that some corporations have been overpaying taxes upfront while they continue to evaluate the implications flowing from the federal Tax Cut and Jobs Act. In addition, recent changes to corporate tax policy in New Jersey have complicated tax planning behavior and predictability.