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Tuesday, November 26, 2024

New Jersey collects $618 million in license tax revenue in Q1

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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 $618 million in license taxes during the first quarter of 2024, 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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Overall, New Jersey collected $12.1 billion in combined tax revenues in Q1.

Q1 New Jersey Tax Collections

Type of TaxAmount (millions)
Income Taxes$6,329
License Taxes$618
Other Taxes$256
Property Taxes$0
Sales and Gross Receipts Taxes$4,890

Source: U.S. Census Bureau

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