April 15, 2022 | njspotlightnews.org
The good fiscal news for New Jersey keeps coming, as new revenue figures from the state Department of Treasury show state tax collections continuing to run strong heading into this month’s crucial income-tax filing deadline.
Rising wages and a robust Wall Street bonus season helped grow state income-tax collections by more than 16% year-over-year through the end of March, according to Treasury officials. Two other major sources of state revenue, the sales and corporate-business taxes, were also outpacing year-end growth targets that Treasury just revised last month.
NJ SEED: Those who gather revenues advise caution claiming tax credits and other tax break policies could slow down or reduce collections. Others claim that substantial excess revenue suggests NJ residents are being taxed too much.