Treasury January Revenue Collections Strong, Ahead of Uncertain Spring

February 14, 2022 | state.nj.us

The Department of the Treasury reported that January revenue collections for the major taxes totaled $4.701 billion, up $621.6 million, or 15.2 percent above last January. Fiscal year-to-date, total collections of $22.812 billion are up $4.062 billion, or 21.7 percent above the same seven months last year.

NJ SEED:The Sales and Use Tax, the largest General Fund revenue source was up nearly 13% over last January. The Corporation Business Tax, the second largest General Fund revenue source was up 36% for the same period. Both are indicators of a rebounding economy.