Treasury: July Revenue Collections on Target as New Fiscal Year Gets Underway

(TRENTON) — The Department of the Treasury reported today that July revenue collections for the major taxes totaled $2.792 billion, an increase of $301.1 million, or 12.1 percent above last July.

The Gross Income Tax, which is dedicated to the Property Tax Relief Fund, totaled $1.042 billion, up $171.2 million, or 19.7 percent higher than last July. The increase was primarily due to continued growth in employer withholding payments and a lower level of refund issuance compared to July 2021.

The Sales and Use Tax, the largest General Fund revenue source, reported $1.332 billion, an increase of $113.9 million, or 9.4 percent above July of last year.

The Corporation Business Tax, which is the second largest General Fund revenue source, saw total receipts of $179.7 million for July, a decline of $243,000, or 0.1 percent.

Total revenues of $48.740 billion for the 13-month period that ended July 31 increased by $7.913 billion, or 19.4 percent over the same 13-month period last year, in line with current expectations.

July is effectively treated as the 13th month of the fiscal year because cash collections include revenues from both Fiscal Year 2022 (FY2022), which just ended, and Fiscal Year 2023, which has just begun. After the annual accounting process is completed, final collections for FY2022 will be published in the Annual Comprehensive Financial Report (ACFR) due out in early 2023.