TRENTON — The Department of the Treasury today reported that March revenue collections for the major taxes totaled $2.821 billion, up $933.5 million, or 49.4 percent, over last March. Fiscal year-to-date, total revenue collections of $24.314 billion are up $1.916 billion, or 8.6 percent above the same nine-month period last year.
The new Pass-Through Business Alternative Income Tax (PT-BAIT) established last year accounts for $1.410 billion, or nearly three-quarters of the $1.916 billion year-to-date revenue increase. However, credits offsetting most of these PT-BAIT payments are expected to be issued before the end of FY 2021. Additionally, the substantial federal stimulus enacted last year, and the improving COVID-19 outlook, have strengthened economic activity and enhanced tax collections.
March collections for the Gross Income Tax (GIT), which is dedicated to the Property Tax Relief Fund, totaled $1.028 billion, up $437.7 million, or 74.1 percent, over last March. Year-to-date, GIT collections of $10.310 billion are up $191.1 million, or 1.9 percent. Collections were boosted in part by an extra weekly withholding payment, which will be offset by one less payment in April.Treasury also noted that the extension of the income tax filing deadline from April 15 to May 17 will delay the reporting of significant GIT collections into June.
The Sales and Use Tax, the largest General Fund revenue source, reported collections of $711.9 million in March, an increase of $75.5 million, or 11.9 percent. Due to the one-month lag in the reporting of Sales Tax collections, March revenues reflect February consumer activity. Federal stimulus payments have continued to help boost national retail sales and State Sales Tax collections. Year-to-date, Sales and Use Tax receipts of $7.091 billion are up $343.6 million, or 5.1 percent.
The Corporation Business Tax (CBT), which is the second largest General Fund revenue source, reported $366.9 million in March, up $66.5 million, or 22.2 percent above the same month last year. Year-to-date through March, CBT collections of $2.427 billion are up $76.9 million, or 3.3 percent.
For additional details, please see the attached chart for monthly and yearly revenue comparisons.