The New Jersey Department of the Treasury reported Wednesday that November’s gross receipts for state taxes totaled $2.58 billion, up $12.5 million, or 0.5%, from last November. there.

Currently, the total revenue of $ 13.949 billion is up $ 1.249 billion, or 9.8% from the five months of last year. Fundraising growth has been good so far. However, the Treasury still expects the growth of collections in 2023 to moderate in the coming months, especially during the spring tax season, where last year’s historic collection levels will not return.

CBT collection

The Corporation Business Tax, the second-largest source of general revenue, reached $37.4 million in November, an increase of $36 million from last year, the Treasury Department said. -New Jersey State on Wednesday.

However, the collection was lower in November last year due to the increase in CBT returns, which distorts the comparison. November earnings are usually among the smaller CBT months of the year. Revenues for the fiscal year were $1.488 billion, an increase of $109.7 million, or 8%.

Total November gross income tax collections for the Property Tax Relief Fund totaled $1.194 billion, up 68.3 million dollars, or 6.1%, compared to last November. However, this month there were additional Wednesday employers withholding wages compared to a year ago, which temporarily increases income until the calendar discrepancy is resolved at the end of December. . Excluding additional payments, GIT’s collection for the month was down $115.6 million, or 8.8%, from last November.

On the other hand, GIT refunds rose significantly, mainly driven by refunds for taxpayers claiming the Pass-Through Business Alternative Income Tax credit. PTBAIT credit repayments totaled $117.4 million, about 60% of the increase in total GIT repayments in the month of last year.

This increase in refunds for the second consecutive month, driven by PTBAIT claims, more than offsets the impact of additional retention payments on November’s total collections. Annual revenue to $5.868 billion was up $511.2 million, or 9.5%.

Check out some of the twists:

  • Sales and use tax: The largest source of general financing totaled $984.8 million, an increase of $31.1 million, or 3.3%, from last November. Due to a one-month delay in reporting and paying sales taxes, November’s earnings reflect October’s consumer activity. This month’s 3.3% growth slowed again after regional inflation; The NY-NJ-PA Consumer Price Index rose 6% in October, indicating that real retail sales in New Jersey declined for a second straight month. It was also the third consecutive month of annual sales and use tax rate increases. Fiscal year collections of $4.354 billion were up $294.1 million, or 7.2%.
  • Tax on petroleum products: PPGRT’s $122 million revenue for November was $5.4 million, or 4.2%, lower than a year ago. The $495.2 million annual collection is $102.7 million, or 17.2%, below FY 2022, than the previous fiscal year starting with a PPGRT rate 8.3 cents higher than at the beginning of FY 2023. The first intake is November 2022. month to reflect the 1 cent reduction in the PPGRT rate that took effect on October 1.
  • Cost of house transfer: RTF revenue of $51 million was up $5.1 million, or 9.1%, from last year. For the second month in a row, collections fell year-over-year, reflecting the difficult housing market conditions. The median home price has continued to decline, but the number of condos remains low, which prevents the decline in sales prices. Monthly home sales continue to decline year over year. The annual collection of 225.2 million is down $4.8 million, or 2.1% lower than last year.



Source link