New Jersey's combined tax revenues down 54.9 percent from Q2 to Q3 2021

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By Garden State Times

Apr 1, 2021

New Jersey collected $8 billion combined tax revenues and income taxes during the third quarter of 2021, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

The majority of the state’s tax revenue was collected through property, individual income taxes ($4.5 billion) and general sales and gross receipts taxes ($2.7 billion).

This is a 54.9 percent decrease from the previous quarter when $17.7 billion was reported.

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.

Q3 New Jersey Tax Collections