TRENTON — July revenue from major tax collections is up 12% compared to last July, according to the state Department of Treasury.
July’s collections totaled $2.33 billion, an increase of $250.1 million, Treasury reported.
The Corporation Business Tax increased the most, up 32.6% over last July at $177.8 million.
The Gross Income Tax, dedicated to the Property Tax Relief Fund, was up 15.5% over last July, totaling $948.9 million.
The Sales and Use Tax, the largest General Fund revenue source, totaled $1.02 billion, up 5.1% above last July.
New Jersey is more than halfway through the second year of a temporary, two-year 2.5% surtax on the Corporation Business Tax on income above $1 million. Beginning in January, the temporary surtax will decrease to 1.5% for two more years before phasing out.
Total revenues for the 13 months ending in July increased $3.175 billion, or 9.9%, due to tax policy changes enacted last year, according to Treasury.
July is effectively treated as the 13th month of the fiscal year because cash collections include revenue from both Fiscal Year 2019, which just ended, and Fiscal Year 2020, which has just begun.
After the annual accounting process is completed, final collections for FY 2019 will be published in the Comprehensive Annual Financial Report due out in early 2020.