Treasury: Key April Revenues Align with Forecasts

Treasury: Key April Revenues Align with Forecasts

(TRENTON) - The Department of the Treasury reported today that April revenue collections for the major taxes totaled $7.906 billion, an increase of $520.1 million, or 7.0 percent above last year. The month saw growth across most major taxes, including the largest in the Gross Income Tax (GIT), Sales and Use Tax (SUT), the Corporation Business Tax (CBT), and the Pass-Through Business Alternative Income Tax (PTBAIT).

Treasury expects collections to continue showing steady growth in the remaining months of Fiscal Year 2026, and the State Treasurer will present updated revenue forecasts for this year and Fiscal Year 2027 at Budget Hearings on May 19 and 20. Fiscal year to date, total major revenues of $40.218 billion are now up by about $1.770 billion, or 4.6 percent above the same period last year.

April GIT collections, which support the Property Tax Relief Fund, totaled $4.452 billion, an increase of $205.5 million, or 4.8 percent above last year. April is the most important month for final payments, which totaled $3.673 billion, up $240.8 million, or 7.0 percent above last April. Fiscal year to date, GIT revenues of $18.515 billion are up $1.511 billion, or 8.9 percent above last year.

The SUT, the largest General Fund revenue source, totaled $1.441 billion in April, an increase of $114.0 million, or 8.6 percent above last year, and offsetting a decline the prior month. Fiscal year to date SUT collections of $10.522 billion are $327.0 million higher, or 3.2 percent above last year.

The CBT, the second largest General Fund revenue source, totaled $1.041 billion in April, up $28.1 million, or 2.8 percent from last year. While the State due date for CBT final payments is not until May, April remains a key final payment month as companies continue to make payments and file returns according to the federal schedule. CBT final payments totaled $660.0 million in April, up by $74.7 million, or 12.8 percent above last year. April also marks the first due date month for estimated payments in Tax Year 2026, but those collections of $286.5 million were down $35.1 million, or 10.9 percent. Fiscal year to date, CBT revenues of $2.798 billion are down $924.5 million, or 24.8 percent below, due to elevated refund levels - many tied to prior year tax periods - and broad declines in final and estimated payments.

Payments from the PTBAIT totaled $576.9 million in April, up $26.4 million, or 4.8 percent compared with last year. April marks the first quarterly estimated payment due date for PTBAIT. Estimated payments totaled $532.6 million, higher by $14.3 million, or 2.8 percent compared with last April. Fiscal year to date, PTBAIT revenues of $4.127 billion are up $309.2 million, or 8.1 percent above last year.

Please see the attached chart for monthly and year to date revenue comparisons.