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TRENTON - The Department of the Treasury reported that revenue collections remain on target through the first five months of FY 2019. Collections for the major taxes totaled $1.93 billion, down $58.8 million, or 3.0 percent, compared to last November. However, year-to-date total collections of $9.927 billion are up $603.5 million, or 6.5 percent above the same period last year.
November collections for the Gross Income Tax (GIT), which is dedicated to the Property Tax Relief Fund, totaled $847.3 million, down 4.3 percent below last November. As noted last month, November received one less Wednesday employer withholding payment compared to last year. This payment timing shift enhanced October’s receipts at the expense of November’s. However, year-to-date GIT collections of $4.485 billion are up 5.9 percent, slightly ahead of the year-end target growth rate of 5.4 percent.
The Sales and Use Tax, the largest General Fund revenue source, reported $724.2 million in November, down 0.7 percent. Year-to-date, sales tax collections of $3.194 billion are up 0.2 percent from the same period last year. The second step of the sales tax rate reduction that began on January 1, 2018 will continue to impact collections through the end of 2018. If not for the rate reduction, underlying growth in the sales tax through November would be 4.0 percent. The second half of FY 2019 is expected to benefit from base and policy changes, including new receipts flowing from the U.S. Supreme Court decision allowing the collection of tax on certain online remote sales.
The Corporation Business Tax (CBT), the second largest General Fund revenue source, brought in $21.7 million, 75.5 percent above last November. Year-to-date, the CBT has collected $940.4 million, or 76.6 percent above last year. In FY 2019, the CBT is expected to grow significantly due to substantial state and federal tax policy changes that influence the tax base and the timing of certain payments.
Casino revenue, which includes internet gaming and sports betting, are running 20.9 percent ahead of last year through the end of November, generating $102.6 million. Contributing factors include the addition of two new casinos and the continued growth of internet gaming. In addition, year-to-date sports betting revenue has generated $3.232 million for the Casino Revenue Fund and another $2.002 million for the General Fund.