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Saturday, November 23, 2024

Higher individual income tax revenue in New Jersey as of Q4 2022 compared to Q4 2021

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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

New Jersey collected $4.1 billion in individual income taxes during the fourth quarter of 2022, a 4.2% increase over the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the fourth quarter of 2021, $3.9 billion was collected in individual income taxes.

Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest and income from intangibles.

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 state governments.

Overall, New Jersey collected $11.4 billion in combined tax revenues in the fourth quarter of 2022.

Q4 2022 New Jersey Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$5
Sales and Gross Receipts Taxes$4,457
License Taxes$608
Individual Income Taxes$4,064
Total Income Taxes$5,841
Other Taxes$478

Source: U.S. Census Bureau

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