Revenue Collections Nearly $400 Million Behind Last Year

New tax collection data shows more revenue needed to balance state budget.

Published on Dec 15, 2023 in Tax and Budget

On Thursday, New Jersey’s Treasury Department released new tax collection data for November showing that revenues remain lower than at this point in 2022, and even further behind projected revenues for the current fiscal year. Year-to-date, revenues are down $385.1 million (2.8 percent) from the prior year. Compared to projected tax collections, revenues are behind by 4.3 percent for the current fiscal year. In response to this new data, New Jersey Policy Perspective (NJPP) releases the following statement.

Peter Chen, Senior Policy Analyst (NJPP):

“Tax collections are still coming in behind projections and time is running out for the state to make it up. What the data doesn’t show is that this shortfall will only get worse in the new year if lawmakers let the corporate surcharge expire and hand a billion-dollar tax cut to the likes of Amazon and Walmart. Last year’s record-breaking tax collections were clearly an outlier, and now is not the time to cut the corporate tax rate. This is more proof that the state will need new revenue to balance its current budget and prevent cuts to NJ Transit, public schools, and other public services and programs.”

Read NJPP’s latest budget report, Red Flags Amid a Sea of Green, for more information on New Jersey’s structural deficit.

Read NJPP’s report, Stop the Sunset, for more information on the Corporate Business Tax surcharge.

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