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Saturday, November 23, 2024

New Jersey's combined tax revenues up 3.8% from Q4 to Q1 2022

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Marita R. Sciarrotta Acting Director Divison of Taxation at New Jersey Division of Taxation | New Jersey Division of Taxation

Marita R. Sciarrotta Acting Director Divison of Taxation at New Jersey Division of Taxation | New Jersey Division of Taxation

Combined tax revenues in New Jersey increased 3.8% in the first quarter of 2022 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 $12 billion in taxes during the first quarter of 2022, compared to $11.6 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($6.6 billion) and general sales and gross receipts taxes ($4.5 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.

Q1 New Jersey Tax Collections
Type of TaxAmount (millions)
Income Taxes$6,591
Sales and Gross Receipts Taxes$4,531
License Taxes$558
Other Taxes$339
Source: U.S. Census Bureau

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