The state Department of the Treasury reports that October revenue collections for the major taxes totaled $3.189 billion, up $164.7 million, or 5.4% over last October.
The revenue growth was led by increases in the Sales and Use Tax (SUT) and the Gross Income Tax (GIT), while Corporation Business Tax (CBT) collections were lower. Fiscal year-to-date total collections of $11.667 billion are higher by $427.1 million, or 3.8% above last year, and above the FY2026 state budget's certified growth rate of 3.3%.
October collections for the GIT, which are dedicated to the Property Tax Relief Fund, totaled $1.401 billion, up $64.4 million, or 4.8% above last year. The increase in revenues was due primarily to strong collections growth from employer withholding and final payments, offset in part by an increase in refund issuances. Fiscal year-to-date collections of $5.142 billion are higher by $491.2 million, or 10.6%.
The SUT, the largest General Fund revenue source, totaled $1.418 billion, up $120.3 million, or 9.3% over last year. Fiscal year-to-date collections of $3.644 billion are up $188.6 million, or 5.5% above the same period last year. Sales tax collections during the first quarter of this fiscal year benefited from the full imposition of sales tax on the purchase of zero-emission vehicles.
The CBT, the second largest General Fund revenue source, finished the month at negative $61.8 million, a reduction of $126.7 million, or 195.4% from last October. Fiscal year-to-date collections of $727.1 million are down $544.1 million, or 42.8% lower than last year.
Treasury officials said the weakness in CBT revenues this fiscal year has been driven by an increase in refunds, many of which have been claimed for tax periods prior to 2024, and a sharp drop in estimated payments.
NJBIA Chief Government Affairs Officer Christopher Emigholz said Friday it is also possible that the recent CBT reforms supported by NJBIA, which included some pro-taxpayer net-operating loss reforms, have also contributed to the less-than-expected CBT revenues.
Revenues from the Pass-Through Business Alternative Income Tax totaled $38.8 million in October, an increase of $42.7 million, or 1,093.0% above last October. The growth was driven by higher estimated payments, while refunds were below the same month last year. Fiscal year-to-date revenues of $954.6 million are up by $141.8 million, or 17.4%.
Petroleum Products Gross Receipts Tax (PPGRT) revenues in October of $138.0 million were higher by $12.4 million, or 9.9% above last year. Fiscal year-to-date collections of $408.0 million are up $29.0 million, or 7.7% above last year, although FY2025 started off with a lower PPGRT rate than FY2026.
Casino revenues totaled $72.5 million in October, an increase of $16.4 million, or 29.2% 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 new law that increased internet casino gaming and sports wagering taxes, effective July 1. Fiscal year-to-date revenues of $243.4 million are up $68.1 million, or 38.9% above last year.
Realty Transfer collections of $44.6 million were up $2.8 million, or 6.6% above last October. Fiscal year-to-date, revenues of $149.1 million are higher by $17.3 million, or 13.1% above last year. The inventory of homes available for sale in New Jersey increased substantially for the fifth straight month, if this positive trend in housing supply continues it may spur additional home sales.
