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Sunday, November 24, 2024

New Jersey's miscellaneous tax revenues down 22.1% since Q2 2023

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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 $338 million in miscellaneous tax revenue during the second quarter of 2023, a 22.1% decrease from the same period the previous year when $434 million was reported, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

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.

Q2 2023 New Jersey Tax Collections

Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$8,433
Income Taxes$9,962
License Taxes$575
Miscellaneous Taxes$338

Source: U.S. Census Bureau

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