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

njspotlightnews.org

Several key sources of revenue, including the income and corporation business taxes, were each running ahead of their respective year-end growth targets through the end of September, according to Treasury.

However, overall tax receipts are not yet growing fast enough to close a more than $2 billion structural gap that Gov. Phil Murphy and lawmakers built into the record-high spending plan they enacted in late June for the 2025 fiscal year.