NJ Tax Revenues Are Up But Trail Annual Growth Target

January 16, 2025 | njspotlightnews.org

At the closely watched halfway point of the state fiscal year, New Jersey’s total tax collections were running ahead of last year’s pace by more than $400 million, according to the Department of the Treasury. 

However, the pace of growth in overall tax collections year over year remained slightly off a year-end growth target that was baked into the record-high, nearly $57 billion spending plan for the 2025 fiscal year adopted by Gov. Phil Murphy and lawmakers in late June.

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NJ SEED: The mid-fiscal year assessment of tax collections by Treasury is an important barometer to track the budget. Some revenue collections are running higher and others lower than projected to fund the record breaking almost $57 billion budget. As planned, the Administration will take more than $2 billion from the opening surplus to fill the gap between revenue and expenditures for fiscal year 2025.