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Treasury: April Major Revenues Stable

TRENTON - The Department of the Treasury reported today that April revenue collections for the major taxes totaled $6.941 billion, down $28.4 million, or 0.4 percent below last April. Fiscal year-to-date, total major revenues of $36.401 billion are now running lower by $709.0 million, or 1.9 percent below the same period last year.

April collections for the Gross Income Tax (GIT), which are dedicated to the Property Tax Relief Fund, totaled $3.576 billion, down $162.9 million, or 4.4 percent below last year. The decrease in revenues was due to a higher level of refunds that more than offset the aggregate growth in collections, as refund processing continues to outpace last year. April is the most important month for final payments, which were up by $16.8 million, or 0.6 percent over last year.  Fiscal year-to-date, GIT collections of $15.405 billion are down $622.5 million, or 3.9 percent lower than at this time last year.

The Sales and Use Tax (SUT), the largest General Fund revenue source, totaled $1.280 billion, an increase of $2.9 million, or 0.2 percent over last April. Due to a one-month lag in the reporting and payment of Sales Tax, April revenue reflects consumer activity in March. Fiscal year-to-date collections of $9.846 billion are running $91.7 million higher, or 0.9 percent above the same period last year. SUT collections growth has now trended lower than the rate of regional core inflation for twelve straight months.

The Corporation Business Tax (CBT), the second largest General Fund revenue source, totaled $1.239 billion in April, an increase of $117.1 million, or 10.4 percent above last year. While the State due date for CBT final payments is not until May, April remains the key final payment month as companies continue to make payments and file returns according to the federal schedule. CBT final payments totaled $760.5 million in April, an increase of $61.8 million, or 8.8 percent above last year. April also marks the first estimated payment due date of the tax year, which were up slightly. Fiscal year-to-date collections of $3.944 billion are now down $220.2 million, or 5.3 percent lower compared to the same period last year.

Pass-Through Business Alternative Income Tax (PTBAIT) payments totaled $460.1 million in April, down $21.0 million, or 4.4 percent below the same month last year. April marks the first quarterly estimated payment due date for PTBAIT. Estimated payments totaled $440.5 million, up $36.0 million, or 8.9 percent higher than last April, but this increase was more than offset by a decline in final payments. Fiscal year-to-date revenues of $3.536 billion are up $124.9 million, or 3.7 percent above last year.

Petroleum Products Gross Receipts Tax (PPGRT) revenues of $115.8 million were $21.3 million, or 22.6 percent higher than last year. Monthly collections look stronger than they otherwise would this April because of a missing PPGRT payment last April, which was corrected for in June 2023.  When including the missing April 2023 payment, PPGRT revenues for the month would have been $6.1 million below last April, or down 5.0 percent. Fiscal year-to-date collections totaling $1.079 billion are up $35.8 million, or 3.4 percent above last year.

With the overall revenue picture largely meeting expectations, Treasurer Elizabeth Maher Muoio will appear before the Legislature’s budget committees on May 14 and 15 to provide updated revenue forecasts for FY2024 and FY2025.

Please see the attached chart for monthly and yearly revenue collection comparisons.