The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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Trenton NJ, The Department of the Treasury reported that October revenue collections for the major taxes totaled $2.501 billion, down $137.4 million, or 5.2 percent below last October. Fiscal year-to-date, total collections of $8.108 billion are down $673.1 million, or 7.7 percent below the same four months last year.
Continue reading New Jersey Revenue Collections Continue Downward Spiral
NJ September Revenue Collections Down 4.4 Percent
the staff of the Ridgewood blog
Trenton NJ, The Department of the Treasury today reported that September revenue collections for the major taxes totaled $3.467 billion, down $161.0 million, or 4.4 percent below last September. Fiscal year-to-date, total collections of $5.607 billion are down $535.7 million, or 8.7 percent below the same three months last year.
Continue reading Murphy Lock Down Continues to Crimp New Jersey Tax Collections
the staff of the Ridgewood blog
Trenton NJ, The NJ Department of the Treasury today reported that July revenue collections for the major taxes totaled $5.136 billion, up $2.802 billion, or 120.1 percent over last July. This inflated and unprecedented growth was anticipated due to the change in state law that allowed individual and corporate taxpayers to defer certain payments from April to July due to the COVID-19 pandemic, following similar tax changes that were instituted at the federal level.
The Gross Income Tax (GIT), which is dedicated to the Property Tax Relief Fund, totaled $3.360 billion, up $2.412 billion or 254.1 percent above last July. While this growth is inflated because of the extended filing deadline, collections are still below Treasury’s $3.6 billion revised GIT target for July. However, lower-than-expected final and estimated payments by individuals were partially offset by improved employer withholding receipts.
Continue reading Economy Picks Up : Deferred NJ April Tax Payments Track Close to Expectations
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Trenton NJ, The NJ Department of the Treasury is warning New Jersey residents to be careful when it comes to text messages that seem too good to be true. Scammers purporting to be from Treasury’s Unclaimed Property Administration (UPA) are sending fraudulent text messages to residents, asserting that unclaimed funds can be accessed by clicking a link.
Continue reading NJ Treasury Alerts N.J. Residents to Unclaimed Property Scam
the staff of the Ridgewood blog
Trenton NJ, The Department of the Treasury reported today that May revenue collections for the major taxes totaled $2.120 billion, down $331.2 million, or 13.5 percent, below last May as the economic impact of the global pandemic continues to take its toll on the State’s finances. Fiscal year-to-date, total collections of $26.864 billion are now down $2.498 billion, or 8.5 percent below the same period last year.
Continue reading May New Jersey Tax Revenues Fall 13.5 Percent as Businesses Remain Closed
the staff of the Ridgewood blog
Trenton NJ, The NJ Department of the Treasury reported today that April revenue collections for the major taxes totaled $2.345 billion, down an unprecedented $3.5 billion, or 59.7 percent, below last April as the economic impact of the global pandemic begins to take its toll on the State’s finances. Fiscal year-to-date total collections, which had been running ahead of last year through the end of March, are now at $24.743 billion, down $2.2 billion, or 8.1 percent below the same period last year.
Continue reading State of New Jersey April Tax Revenues Plummet Nearly 60 Percent