What’s in NJ’s updated tax-collection forecasts ... - NJ Spotlight …

Feb 29, 2024 · The sales tax is still expected to generate year-over-year growth by the end of June, but $114 million less than was projected when the fiscal year 2024 spending bill was enacted. The tax source seeing the largest revision in the updated forecasts released this …

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What’s In NJ’s Updated Tax-collection Forecasts ... - NJ Spotlight …

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NJ Tax Revenues Are Up But Trail Annual Growth Target

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Jan 16, 2025 · At the closely watched halfway point of the state fiscal year, New Jersey’s total tax collections were running ahead of last year’s pace by more than $400 million, according to the …

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NJ Tax Collections Grow, Not Enough To Close Structural Budget Gap

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Oct 17, 2024 · To help bridge the structural gap in the current fiscal-year budget, an opening surplus of $8.25 billion will be reduced to $6.125 billion by the end of June, according to an …

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NJ Tax Revenues Take $2B Hit, Surplus Keeps Budget Balanced - PBS

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May 17, 2023 · the state's overall Financial condition is looking a little concerning lawmakers today heard from Top New Jersey fiscal analysts about those updated Revenue forecasts shaving off more than a ...

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Tax Relief Suddenly At Top Of Agenda In N.J. As Money Pours In

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May 18, 2022 · New Jersey tax revenues jumped a remarkable $13.4 billion in only two years, more than 35% higher than the $38 billion collected in 2020. Skip to Article Set weather

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NJ Tax Collections Are Still Trending Positively | NJ Spotlight News

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Sep 18, 2024 · To help bridge the structural gap, an opening surplus of $8.25 billion will be reduced to $6.125 billion by the end of the 2025 fiscal year, according to an updated budget …

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Here’s Why NJ Is Awash In Tax Revenues | NJ Spotlight News

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Mar 17, 2022 · The overall sales-tax forecast for the same period has been increased by nearly $790 million. Jobs regained. ... New Jersey’s latest tax-collection growth is outpacing the …

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NJ Brims With Tax Revenues — And Spending Proposals - NJ …

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Jun 1, 2022 · The original revenue forecast for what’s known as the pass-through business alternative income tax, or PT BAIT, was $1.37 billion for the 2022 fiscal year. After two …

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FAQs about What’s in NJ’s updated tax-collection forecasts ... - NJ Spotlight … Coupon?

How much tax revenue will New Jersey collect this fiscal year?

The state of New Jersey is projected to collect nearly $51 billion in tax revenue in the current fiscal year, which ends on June 30, according to the nonpartisan Office of Legislative Services. The state Treasury Department's estimates were even higher. ...

What are the latest tax updates for New Jersey?

Here are the latest updates for New Jersey. The New Jersey Division of Taxation has issued Technical Bulletin TB-21 (R) announcing the interest rate on outstanding tax balances for January 1, 2025, to December 31, 2025, has been lowered to 10.75%. The prior rate for January 1, 2024 to December 31, 2024 was 11.5%. ...

How much has New Jersey tax revenue jumped in two years?

New Jersey's tax revenue has increased by $13.4 billion in only two years, which is more than 35% higher than the $38 billion collected in 2020. According to Muoio, "The rapid revenue recovery last year, followed by the continued revenue surge this year, is unprecedented in New Jersey’s modern budget history. ...

Does New Jersey have more money than it knows?

New Jersey has nearly $51 billion in unexpected tax revenue this fiscal year, and tax relief has now risen to the top of the agenda in Trenton. The state's nonpartisan Office of Legislative Services reported this to lawmakers this week. ...

Is New Jersey's budget tied to inflation?

“The two big things in New Jersey’s budget are income tax and sales tax, and those two are tied to inflation,” said Michael Lahr, distinguished research professor and director of Rutgers Economic Advisory Service. “They go up with inflation.” ...

Does New Jersey need tax relief?

New Jersey's Speaker of the Assembly, Craig Coughlin, D-Woodbridge, called for a tax relief program after the historic revenue update was unveiled on Monday. He stated, "We have additional money this year, and New Jersey needs tax relief now". ...