NJ Tax Collections Surge, but Officials Urge Caution Amid Big Upswing.

October 16, 2026 | njspotlightnews.org

In a boost to Gov. Mikie Sherrill’s and the Legislature’s first budget together, state tax receipts soared over the first quarter of the fiscal year despite economic concerns about inflation and the ongoing war in Iran. 

In all, state tax collections during the months of July, August and September totaled more than $10 billion, up nearly 19% year over year, according to figures released Thursday by the state Department of the Treasury.

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NJ SEED: Based on first quarter fiscal year reports, the state’s economy is strong. There are many taxes that feed into the treasury. Most, if not all, show year over year increases, and unemployment has decreased to 4.2%. Even amid signs of caution, these are good indicators.