Combined tax revenues in New Jersey decreased 55.3% in the third quarter of 2024 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.
Overall, New Jersey collected $8.9 billion in taxes during the third quarter of 2024, compared to $19.9 billion in the previous quarter.
The majority of the state’s tax revenue was collected through income taxes ($5.1 billion) and general sales and gross receipts taxes ($2.9 billion).
In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.
The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.
| Type of Tax | Amount (millions) |
|---|---|
| Income Taxes | $5,135 |
| Sales and Gross Receipts Taxes | $2,852 |
| License Taxes | $588 |
| Other Taxes | $314 |
Source: U.S. Census Bureau
