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TRENTON - Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio welcomed news that Moody's Investors Service has upgraded New Jersey's outlook from stable to positive.
TRENTON - The Department of the Treasury reported today that July revenue collections for the major taxes totaled $3.237 billion, an increase of $397.8 million, or 14.0 percent above last year. The overall revenue growth was distorted due to an extra Wednesday Gross Income Tax (GIT) employer withholding payment day compared to last July. Total collections from the major taxes would have been higher by $206.0 million, or 6.8 percent, after adjusting for the extra withholding payment. Total revenues of $47.340 billion for the 13 months ending in July were up by $98.0 million, or 0.2 percent above the same 13-month period last year, in line with current expectations.
TRENTON - RetireReady NJ, New Jersey’s first State-administered retirement savings program, will celebrate the official launch of the groundbreaking initiative at an in-person event on Friday, August 16, 2024 at 10 a.m. at the Trenton War Memorial.
TRENTON - Treasury’s Division of Taxation will officially kick off the upcoming season of the popular ANCHOR property tax relief program next week, when it will begin mailing letters to about 1.5 million New Jerseyans to confirm their automatic eligibility for this season’s benefit. The Division has also implemented a number of changes this season designed to further simplify the application process for new applicants and improve taxpayer experience.
TRENTON - For the third consecutive year, New Jersey’s Unclaimed Property Administration (UPA) has broken its record for returning missing assets to rightful owners.
TRENTON - Over 125,000 qualifying seniors across New Jersey can soon expect to receive their property tax reimbursement checks through the State’s newly expanded and simplified Senior Freeze program, with more rounds of payments for eligible applicants on the way.
TRENTON - On behalf of the Department of the Treasury, the Capital City Redevelopment Corporation (CCRC) issued a request for offers to purchase and redevelop the former Division of Taxation building at 50 Barrack Street in downtown Trenton.
TRENTON - Millions of employees in New Jersey will now have the ability to save for a secure retirement through the launch of RetireReady NJ. Established by the New Jersey Secure Choice Savings Program Act, RetireReady NJ is a State-administered retirement savings program that aims to reach workers who do not have access to private employer retirement plans.
TRENTON - Governor Phil Murphy on Friday signed the Fiscal Year 2025 Appropriations Act into law, building on the Administration’s commitment to making New Jersey the best place to raise a family by increasing affordability, creating new economic opportunities, promoting fiscal responsibility, and investing in a more equitable future for all New Jerseyans.
TRENTON - Building on New Jersey’s leadership in engaging up-and-coming fund managers, the Department of the Treasury’s Division of Investment (DOI) hosted its second Emerging Managers Virtual Symposium on Wednesday, connecting with over 800 people from across the globe. The goal of the symposium is to connect with the next generation of investment partners. The event also provided an overview of New Jersey’s Emerging Managers Platform, which was unveiled in 2021 with the goal of enhancing the State’s exposure to a broader range of fund managers while simultaneously expanding access for highly-skilled investment professionals.
TRENTON - The Department of the Treasury reported today that May revenue collections for the major taxes totaled $3.167 billion, up $526.7 million, or 19.9 percent above last May.
TRENTON - Today, the Stay NJ Task Force released its report providing recommendations for the State to implement the new Stay NJ program while simplifying and aligning its property tax relief programs – Stay NJ, ANCHOR, and Senior Freeze - with the goal to make the application process more accessible for New Jersey taxpayers.
TRENTON - Today the Department of the Treasury issued a notice of investment opportunity seeking a fund manager for the Social Impact Investment Fund (SIIF), marking a crucial step forward towards the Murphy Administration’s goal of expanding access to critical capital for New Jersey’s underserved and underinvested communities.
TRENTON - The Department of the Treasury reported today that April revenue collections for the major taxes totaled $6.941 billion, down $28.4 million, or 0.4 percent below last April.
TRENTON - The New Jersey Department of the Treasury’s Division of Investment (DOI) today announced that it is joining the Diversity Investment Management Engagement (DIME) New Jersey Investment Collaborative as an anchor participant.
TRENTON - New Jersey’s bonded debt is at its lowest level in a decade, according to the Fiscal Year 2023 Debt Report, released this week by the Department of the Treasury.
TRENTON - The Department of the Treasury reported today that March revenue collections for the major taxes totaled $3.398 billion, down $285.2 million, or 7.7 percent below last year. Fiscal year-to-date, total major revenues of $29.460 billion are down $680.7 million, or 2.3 percent lower than the same period last year.
TRENTON - RetireReady NJ, the first State-administered retirement savings program, is seeking employers to participate in its pilot launch that is scheduled to begin in spring 2024.
TRENTON - The Department of the Treasury reported today that February revenue collections for the major taxes totaled $2.802 billion, down $66.4 million, or 2.3 percent lower than last year. February is a relatively minor month for revenue collections, with no key payment due dates. The month saw declines in the Gross Income Tax and the Corporation Business Tax due to elevated and accelerated refund activity.
TRENTON - State Treasurer Elizabeth Maher Muoio announced that Governor Murphy's Detailed Budget book for Fiscal Year 2025 is now available online through the Department of the Treasury's Office of Management and Budget website.
TRENTON - The Department of the Treasury reported that January revenue collections for the major taxes totaled $5.094 billion, up $200.9 million, or 4.1 percent over last year. The growth in total revenues was led by higher collections from the Gross Income Tax, the Sales and Use Tax, and the Pass-Through Business Alternative Income Tax. Fiscal year-to-date, total revenue collections of $23.260 billion are down $329.1 million, or 1.4 percent from the same period last year.
TRENTON - The Department of the Treasury’s Division of Taxation on Monday began mailing applications for the 2023 Senior Freeze Property Tax Reimbursement program, which has been significantly expanded for the 2023 filing season to increase the income eligibility limit substantially and simplify the residency requirement for new applicants.
TRENTON - As the 2023 tax filing season kicks off, the New Jersey Department of the Treasury is reminding taxpayers to find out if they are eligible for the State’s Earned Income Tax Credit, which was expanded in recent years to provide several hundred to several thousand dollars in relief to qualifying residents.
TRENTON - In recognition of Unclaimed Property Day on February 1st, the Department of the Treasury is encouraging the public to find out if they are one of nearly 33 million people in the United States with unclaimed assets like forgotten bank accounts, unpaid life insurance benefits, utility deposits, and unused rebate cards.
TRENTON - Over $2.1 billion was distributed to more than 1.8 million New Jersey homeowners and renters during the most recent ANCHOR program, making it the single largest property tax relief program in State history.
TRENTON - Governor Phil Murphy and Treasurer Elizabeth Maher Muoio today announced the release of a comprehensive statewide disparity study examining public contracting opportunities for Minority and Women-Owned (MWBE) businesses. The study, conducted by Mason Tillman and Associates (MTA), reviewed statewide procurement data relating to goods and services, professional services, and construction over a five-year span and concluded that disparity in the awarding of public contracts exists across multiple minority-owned and women-owned business enterprises in those sectors.
TRENTON - Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio announced today that the Department of the Treasury has successfully completed the most recent effort to retire outstanding debt, saving taxpayers some $160 million and reducing the State's total debt by almost $500 million.
TRENTON - The Department of the Treasury reported that December revenue collections for the major taxes totaled $4.602 billion, down $144.8 million, or 3.1 percent below last year. Total revenues fell primarily as a result of higher refund disbursement from the Gross Income Tax and the Corporation Business Tax compared with last December. Year-to-date, total revenue collections of $18.166 billion are down $529.9 million, or 2.8 percent from the same period last fiscal year.
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