The Department of the Treasury this week reported that September revenue collections for the major taxes totaled $5.145 billion, up $219.2 million, or 4.4% over last September.
The revenue growth was led by increases in the Gross Income Tax (GIT) and in the Pass-Through Business Alternative Income Tax (PTBAIT). Year-to-date total collections of $8.478 billion are higher by $262.4 million, or 3.2% above the same period last fiscal year, tracking very close to the 3.3% FY 2026 projected growth.
September collections for the GIT, which are dedicated to the Property Tax Relief Fund, totaled $2.166 billion, up $329.7 million, or 18% above last year. The increase in revenues was due primarily to strong collections from employer withholding and estimated payments, while refunds were below last year. Fiscal year-to-date collections of $3.741 billion are higher by $426.7 million, or 12.9%.
The Sales and Use Tax (SUT), the largest General Fund revenue source, totaled $1.064 billion, up $22.1 million, or 2.1% over last year. SUT collections growth has trended below the rate of regional core inflation for 11 of the past 15 months. Fiscal year-to-date collections of $2.226 billion are up $68.3 million, or 3.2% above the same period last year.
The Corporation Business Tax (CBT), the second largest General Fund revenue source, totaled $679.8 million in September, a decrease of $285.2 million, or 29.5% from last year. Fiscal year-to-date collections of $788.9 million are down $417.5 million, or 34.6% below last year.
Weakness in the CBT in FY 2026 has been driven by an increase in refunds related to tax periods prior to 2022, and a sharp drop in estimated payments in September. Through the third quarter of Tax Year 2025, estimated corporate tax payments have declined by approximately 6.2% overall, following an 8.3% increase through the first two quarters.
PTBAIT revenues totaled $880.5 million in September, higher by $118.9 million, or 15.6% above last year. The growth was driven entirely by higher estimated payments. Fiscal year-to-date revenues of $915.7 million are up by $99.0 million, or 12.1%.
Casino revenues totaled $79.6 million in September, an increase of $29.9 million, or 60.1% above last year. The increasing popularity of internet gaming and sports betting are two of the main drivers behind the growth in casino revenues. Collections this fiscal year will also be impacted by a law signed in July that increased internet casino gaming and sports wagering taxes. Fiscal year-to-date revenues of $170.9 million are higher by $51.7 million, or 43.4% above last year.
Realty Transfer collections of $52.9 million were up $8.2 million, or 18.2% above last September. Fiscal year-to-date, revenues of $104.6 million are higher by $14.6 million, or 16.2% above last year. The inventory of homes available for sale in New Jersey increased substantially for the fourth straight month. The growth in realty collections has been helped along by elevated home prices as of late, given recent declines in unit sales.
