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TRENTON - The Department of the Treasury reported that November revenue collections for the major taxes totaled $2.647 billion, up $67.8 million, or 2.6 percent over last year. Revenues grew primarily as a result of higher net collections from the Gross Income Tax, Corporation Business Tax, and from the Pass-Through Business Alternative Income Tax. Year-to-date, total revenue collections of $13.564 billion are down $385.1 million, or 2.8 percent from the same period last fiscal year.
TRENTON - The Department of the Treasury reported that October revenue collections for the major taxes totaled $3.037 billion, up $64.1 million, or 2.2 percent over last year. Revenues grew mainly due to a $195.0 million multi-year settlement payment received under the Corporation Business Tax (CBT), which more than offset a decline in the Gross Income Tax (GIT). Year-to-date, total revenue collections of $10.917 billion are down $452.9 million, or 4.0 percent from the same period last fiscal year.
Marita Sciarrotta, a 40-year career public servant who has spent the entirety of her working history with the Division of Taxation, has been appointed to lead the agency where she has spent decades contributing to dozens of public programs that impact the lives of New Jerseyans.
TRENTON - The Department of the Treasury reported that September revenue collections for the major taxes totaled $4.844 billion, down $258.4 million, or 5.1 percent from last September. The majority of the month's anticipated decline in revenues was due to lower quarterly estimated payments and higher refunds under the Gross Income Tax (GIT). Year-to-date, total collections of $7.880 billion are down $517.0 million, or 6.2 percent from the same period last fiscal year.
irect Deposits Begin Thursday; Paper Checks to be Mailed Starting Next Week
TRENTON - Governor Phil Murphy and Treasurer Elizabeth Maher Muoio announced today that the first round of ANCHOR Property Tax Relief payments for tax year 2020 will be deposited tomorrow for more than 700,000 New Jerseyans who elected to receive their payment via direct deposit.
Por Primera Vez, los Residentes pueden presentar su Solicitud en Línea
HEl Departamento de la Tesorería desea recordar a los residentes de Nueva Jersey que cumplan con los requisitos que se acerca la fecha límite para presentar sus solicitudes para el programa Senior Freeze, y ahora es más fácil que nunca solicitar el reembolso del impuesto a la propiedad.
Hundreds of Canvassers Will Travel Statewide Through December
Hear a knock at your door? It may be the ANCHOR Outreach Team, offering to help you file your application for property tax relief and answer questions about this season's Affordable New Jersey Communities for Homeowners and Renters benefit.
The Department of the Treasury would like to remind eligible New Jersey residents that the deadline is approaching to file their applications for the Senior Freeze program, and it's now easier than ever before to apply for property tax reimbursement.
(Trenton) - The Department of the Treasury reported that August revenue collections for the major taxes totaled $2.605 billion, down $207.4 million, or 7.4 percent below last August. The majority of the decline in revenues was driven by significantly lower net CBT collections for the month, due mainly to a large increase in refunds. Fiscal year-to-date, total collections of $3.036 billion are down $258.6 million, or 7.8 percent below the same period last year.
(Trenton) - After a thorough review of fuel consumption statistics and consultation with the Legislative Budget and Finance Officer, the Department of the Treasury announced today that New Jersey's gas tax rate will increase by 0.9 cents per gallon beginning October 1 to comport with the 2016 law that requires a steady stream of revenue to support the State's Transportation Trust Fund (TTF) program.
With the back-to-school season around the corner, the New Jersey Department of the Treasury is reminding parents, teachers, and students to take advantage of the statewide back-to-school sales tax holiday that begins Saturday, August 26.
(Trenton) - The New Jersey Department of the Treasury's Unclaimed Property Administration (UPA) is currently advertising a list of all unclaimed assets reported to the State in the previous year, with the goal of notifying rightful owners that they may have money or property to be claimed.
(Trenton) - La solicitud de reducción del impuesto a la propiedad de este año será más fácil para muchos residentes de New Jersey, anunció el martes el Departamento del Tesoro. Más de 1,3 millones de contribuyentes que el año pasado se beneficiaron de la reducción del impuesto a la propiedad a través del programa Comunidades Asequibles para Propietarios y Arrendatarios (ANCHOR, por sus siglas en inglés) recibirán pronto una carta en la que se les confirmará su derecho a participar en el programa de este año y se les notificará que, en la mayoría de los casos, no tendrán que volver a presentar una solicitud para recibir un cheque o un depósito directo.
(Trenton) - Applying for property tax relief this year is about to get a whole lot easier for many New Jerseyans, the Department of the Treasury announced on Tuesday. Over 1.3 million taxpayers who received property tax relief benefits through the Affordable Communities for Homeowners and Renters (ANCHOR) program last year will soon receive a letter confirming their eligibility for this year's program and notification that they will not need to re-file an application to receive a check or direct deposit in most circumstances.
(Trenton) - The Department of the Treasury reported today that July revenue collections for the major taxes totaled $2.839 billion, an increase of $47.3 million, or 1.7 percent above last July. Total revenues of $47.242 billion for the 13 months ending in July decreased by $1.498 billion, or 3.1 percent lower than the same 13-month period last year, in line with current expectations.
(Trenton) – Employers in the State Educators Health Benefit Plan (SEHBP) saved $462.7 million from changes resulting from legislation signed by Governor Murphy three years ago, far surpassing the $300 million in net savings required under the law.
(Trenton) - The New Jersey Unclaimed Property Administration (UPA) returned a record $202.95 million in assets to rightful owners in Fiscal Year 2023, the result of 73,686 claims filed with the agency.
(Trenton) - Governor Phil Murphy signed the Fiscal Year 2024 Appropriations Act into Law on Friday, building on the historic progress made over the last five years with new investments centered around increasing affordability, promoting fiscal responsibility, and creating world-class opportunities for everyone to succeed.
(Trenton) - Attorney General Matthew J. Platkin today announced that the operator of a restaurant in Union County, New Jersey, is facing up to three years in state prison for failing to remit nearly $500,000 in New Jersey sales taxes he collected over a period of almost seven years.
(Trenton) - Over 500 people from across the globe gathered virtually today to participate in the New Jersey Division of Investment's (DOI) Private Market Emerging Managers Symposium, seizing the unique opportunity to connect with up-and-coming fund managers and learn about the New Jersey Emerging Managers Platform.
(Trenton) - The Department of the Treasury reported today that May revenue collections for the major taxes totaled $2.640 billion, falling $641.8 million, or 19.6 percent from last May. Treasury had anticipated a decline from last year's revenues, but of a smaller magnitude. Fiscal year-to-date total collections of $39.750 billion are now lower by $1.065 billion, or 2.6 percent below the same period last year. Revenue collections are projected to remain soft through the remainder of the fiscal year.
(Trenton) - The New Jersey Department of the Treasury's Unclaimed Property Administration (UPA) kicked off an expanded outreach campaign today to reunite New Jersey's counties and municipalities with their rightful property.
Revenue Revised to Reflect Anticipated Economic Moderation
FY2024 Budget Still on Track for Healthy Surplus and Debt Reduction
(Trenton) - The Department of the Treasury testified before the Assembly Budget Committee at the State House today, providing a detailed update on revenue projections for the remainder of Fiscal Year 2023 through Fiscal Year 2024 after analyzing collections for the all-important month of April.
(Trenton) – The Department of the Treasury reported today that April revenue collections for the major taxes totaled $6.969 billion, down $1.161 billion, or 14.3 percent from last April. Fiscal year-to-date total collections of $37.110 billion are now lower by $423.7 million, or 1.1 percent below the same period last year.
Marks 4th Rating upgrade in less than a month and 7th in just over a year.
(Trenton) – For the fourth time in less than a month a major ratings agency has upgraded New Jersey's credit rating, as Kroll Bond Rating Agency (KBRA) today boosted the state to 'A+' from 'A'.
(Trenton) - The Department of the Treasury reported today that March revenue collections for the major taxes totaled $3.684 billion, up $130.1 million, or 3.7 percent over last March. Treasury continues to expect Fiscal Year 2023 collections growth to moderate in the coming months, particularly with the Gross Income Tax now that the spring tax filing season has begun. This year's final payments are expected to drop significantly from last year's historically high totals. Fiscal year-to-date total collections of $30.141 billion are up $737.2 million, or 2.5 percent over the same period last year.
Second Rating Upgrade in the Past Week and Fifth in 13 months
(Trenton) - For the second time in less than a week, a major credit ratings agency has recognized New Jersey's strengthened fiscal position as Fitch Ratings today raised the state's issuer rating to 'A+' from 'A."
(Trenton) - Moody's Investors Service today upgraded New Jersey's issuer rating and its rating on the state's general obligation bonds to 'A1' from 'A2,' citing the state's "solid economic recovery " and "An unprecedented level of budgetary surplus."
Certification Designed to Open Doors to Contract Opportunities at the Federal, State and Local Levels
(Trenton) - Following up on an Executive Order 295 issued last year establishing a state-backed certification for LGBTQ+-owned businesses, Governor Phil Murphy and Treasurer Elizabeth Maher Muoio announced today that the Department of the Treasury has opened up a certification portal and has begun accepting registrations.
(Trenton) - State Treasurer Elizabeth Maher Muoio testified before the Senate Budget & Appropriations Committee at the State House today, providing a detailed update on revenue projections for the remainder of Fiscal Year 2023 through Fiscal Year 2024 as revenues have begun to stabilize after three years of heavy growth.
(Trenton) - Direct deposits starting to go out now, paper checks to be mailed soon. Governor Phil Murphy and Treasurer Elizabeth Maher Muoio announced today that the first batch of ANCHOR Property Tax Relief rebate payments will be on their way to New Jerseyans who elected their rebate via direct deposit.
(Trenton) - State Treasurer Elizabeth Maher Muoio announced that Governor Murphy's Detailed Budget book for Fiscal Year 2024 is now available online through the Department of the Treasury's Office of Management and Budget website.
(Trenton) - The Department of the Treasury reported today that February revenue collections for the major taxes totaled $2.868 billion, down $169.7 million, or 5.6 percent from last February. Fiscal year-to-date total collections of $26.457 billion are up $607.1 million, or 2.3 percent over the same period last year.
(NEW MILFORD) - Governor Phil Murphy and Treasurer Elizabeth Maher Muoio today announced that approximately 1.7 million New Jersey homeowners and renters applied for the first year of the State’s historic ANCHOR property tax relief program. Of the applications, more than 1.1 million were filed by homeowners and more than 480,000 were filed by renters, who were eligible for property tax relief for the first time in a generation.
Budget Increases Robust Property Tax Relief, Provides Another Record Investment in School Funding Increased Investments in Affordable Housing, Higher Education, and Economic Growth Continues Path of Fiscal Responsibility with Another Full Pension Payment of $7.1 Billion, Additional $2.4 Billion to Reduce Debt Proposed Surplus Climbs to Record Heights at Just Over $10 Billion
(TRENTON) - Governor Phil Murphy delivered his sixth annual budget address on Tuesday, outlining a spending proposal for Fiscal Year 2024 (FY2024) that builds on the historic progress made over the last five years with new investments centered around expanding affordability, promoting fiscal responsibility, and creating world-class opportunities for everyone to succeed in the Next New Jersey. The Governor's proposed budget continues to increase direct property tax relief to new heights; once again provides the highest level of school funding in history; delivers a third consecutive full pension payment; and supports significant investments in the economy, workforce development, and public safety.
(TRENTON) - The Department of the Treasury this week successfully completed the most recent effort to retire outstanding debt, saving taxpayers some $590 million and reducing the state's total debt by almost $1 billion.
(TRENTON) - The Department of the Treasury today reported January revenue collections for the major taxes totaled $4.893 billion, up $191.5 million, or 4.1 percent over last January. Treasury expects Fiscal Year 2023 collections growth to moderate in the coming months, particularly during the spring tax filing season when last year's historically high collection levels are unlikely to be repeated. Fiscal year-to-date total collections of $23.589 billion are up $776.8 million, or 3.4 percent over the same period last year.
(TRENTON) - On National Unclaimed Property Day, the New Jersey Department of the Treasury's Unclaimed Property Administration (UPA) announced a $3.9 million contribution to help provide assistance to low and moderate income New Jersey households struggling to pay their utility bills. Each year, the contribution is presented to the Affordable Housing Alliance (AHA) for the Payment Assistance for Gas and electric (PAGE) program.
(TRENTON) - New Jersey Department of the Treasury's Division of Investment announced today the appointment of Lisa A. Walker as deputy director and deputy chief investment officer, and William (Bill) J. Connors as deputy executive director and deputy chief investment officer.
(TRENTON) - State Treasurer Elizabeth Maher Muoio today announced Darryl Isherwood will join the Department of the Treasury as Director of Communications. Isherwood, who is currently Sector Lead for Film and Digital Media at the New Jersey Economic Development Authority (EDA) and previously was Senior Advisor for Economic Development Communications in the Office of the Governor, will join the department on Monday, January 23.
Los solicitantes ahora tienen hasta el 28 de febrero de 2023 para reclamar hasta USD 1,500 en alivio.
(TRENTON) - Durante el discurso del Estado esta semana, el gobernador Phil Murphy anunció que, en acuerdo común con el Presidente del Senado Nicholas Scutari y el Portavoz de la Asamblea Craig Coughlin, el Estado de Nueva Jersey extiende el plazo de solicitud para el nuevo programa de alivio de impuestos a la propiedad ANCHOR, para asegurar que todos los habitantes de New Jersey que cumplen con los requisitos aprovechen esta ayuda considerable.
(TRENTON) - The Department of the Treasury reported today that December revenue collections for the major taxes totaled $4.747 billion, down $664.0 million, or 12.3 percent below last December. This revenue decline was anticipated, and Treasury expects Fiscal Year 2023 collections growth to further moderate in the coming months, particularly during the spring tax filing season when last year's historically high collection levels are unlikely to be repeated. Fiscal year-to-date total collections of $18.696 billion are up $585.3 million, or 3.2 percent over the same six months last year.
Applicants Now Have Until February 28, 2023 to Claim Up to $1,500 in Relief
(TRENTON) - During his State of the State Address today, Governor Phil Murphy announced that, in concert with Senate President Nicholas Scutari and Assembly Speaker Craig Coughlin, the State of New Jersey is extending the application deadline for the new ANCHOR property tax relief program to ensure every eligible New Jerseyan takes advantage of the sizable relief.
(TRENTON) - New Jersey's Secure Choice Savings Board announced today the appointment of Todd Hassler as the first Executive Director of the Secure Choice Savings Program, concluding a nationwide search for a leader tasked with implementing a state-sponsored retirement plan designed to help private sector employees save for the future.
(TRENTON) - The Department of the Treasury reported today that November revenue collections for the major taxes totaled $2.580 billion, up $12.5 million, or 0.5 percent above last November. Fiscal year-to-date, total revenues of $13.949 billion are up $1.249 billion, or 9.8 percent over the same five months last year. Revenue collections growth to date continues to be positive. However, Treasury still expects Fiscal Year 2023 collections growth to moderate in the coming months, particularly during the spring tax filing season when last year’s historically high collection levels are unlikely to be repeated.
(TRENTON) - New Jersey State Treasurer Elizabeth Maher Muoio and Human Services Commissioner Sarah Adelman today announced that a one-time benefit of $500 per eligible resident under the Individual Taxpayer Identification Number (ITIN) Direct Assistance Program will be mailed this month to income-eligible New Jersey individuals and families who were not eligible for federal stimulus payments and file taxes using an ITIN.
(TRENTON) - Governor Phil Murphy, Senate President Nicholas Scutari, and Assembly Speaker Craig Coughlin today announced that the State of New Jersey is extending the application deadline and expanding eligibility for the new ANCHOR property tax relief program and will embark on an aggressive advertising and marketing campaign to make sure every eligible New Jerseyan takes advantage of the sizable relief.
(TRENTON) – The Department of the Treasury reported that October revenue collections for the major taxes totaled $2.973 billion, up $202.4 million or 7.3 percent above last October. Year-to-date, total collections of $11.370 billion are up $1.237 billion, or 12.2 percent over the same four months last fiscal year.
(TRENTON) - State Treasurer Elizabeth Maher Muoio announced today that Candice M. Alfonso has been appointed as Chief Diversity Officer (CDO) and Director of the Office of Diversity and Inclusion (ODI) and will begin serving in these roles on Monday, November 14.
(TRENTON) - The Department of the Treasury reported today that September revenue collections for the major taxes totaled $5.102 billion, up $539.4 million or 11.8 percent above last September. Year-to-date, total collections of $8.397 billion are up $1.034 billion, or 14.0 percent, over the same period last fiscal year.
(TRENTON) - Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio today welcomed news that Moody's Investors Service has joined the other three major credit rating agencies in upgrading New Jersey's outlook from stable to positive. Since the enactment of the FY2022 State budget last year, New Jersey has received three credit rating upgrades and is now on positive outlook with all four major credit rating agencies – Moody's, S&P, Fitch, and KBRA.
Las instrucciones para solicitar esta ayuda se enviarán por correo postal a miles de residentes, y también estarán disponibles en línea y por teléfono
(TRENTON) - Esta semana, se comenzaron a enviar por correo postal instrucciones importantes sobre cómo participar en el nuevo programa de Comunidades Asequibles de New Jersey para Propietarios e Inquilinos (ANCHOR, por sus siglas en inglés) a los residentes elegibles, con lo cual se lanzó oficialmente el programa más grande de ayuda para el impuesto inmobiliario en la historia de New Jersey.
(TRENTON) - The Department of the Treasury reported today that August revenue collections for the major taxes totaled $2.812 billion, an increase of $365.7 million or 14.9 percent above last August. Year-to-date, total collections of $3.294 billion are up $494.9 million, or 17.7 percent above the same period last fiscal year.
Ya se están emitiendo los cheques a los primeros solicitantes
(TRENTON) - La tesorera de Estado, Elizabeth Maher Muoio les recuerda a los residentes que cumplen los requisitos para el programa de reembolso de impuestos a la propiedad, Senior Freeze, solicitar el beneficio antes de la fecha límite del 31 de octubre de 2022.
(TRENTON) - Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio praised today’s decision by Fitch Ratings to upgrade New Jersey’s credit rating on general obligation bonds to “A” from “A-” while also maintaining the state’s outlook at positive. Since the enactment of the FY2022 State budget last year, New Jersey has received three credit rating upgrades and is currently on positive outlook with S&P, Fitch, and KBRA.
(TRENTON) - Important instructions on how to file for the new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program have started being mailed out today to eligible residents, officially launching the largest property tax relief initiative in New Jersey history.
(TRENTON) — State Treasurer Elizabeth Maher Muoio is reminding residents eligible for the Senior Freeze property tax reimbursement program to apply for the benefit prior to the October 31, 2022 deadline.
(TRENTON) — After a thorough review of fuel consumption statistics and consultation with the Legislative Budget and Finance Officer, the Department of the Treasury announced on Monday that New Jersey’s gas tax rate will decrease by 1.0 cent per gallon beginning October 1 to comport with the 2016 law that requires a steady stream of revenue to support the State’s Transportation Trust Fund (TTF) program.
(TRENTON) — Con el regreso a clases a la vuelta de la esquina, el Departamento del Tesoro de Nueva Jersey les recuerda a los padres, maestros y estudiantes que aprovechen el feriado estatal de impuestos sobre las ventas de regreso a clases que comienza el próximo fin de semana.
(TRENTON) — The New Jersey Department of the Treasury’s Unclaimed Property Administration returned a record $163 million in assets to rightful owners in Fiscal Year 2022, which concluded at the end of June. More than 200,000 new assets were reported to the State this year alone that are now waiting to be returned to the public.
(TRENTON) — Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio praised the decision today by rating agency S&P to upgrade the outlook for New Jersey’s general obligation bonds from stable to positive. Since the enactment of the FY 2022 State budget last year, New Jersey has received two credit rating upgrades and five outlook upgrades from all four major rating agencies.
(TRENTON) — With the back-to-school season around the corner, the New Jersey Department of the Treasury is reminding parents, teachers, and students to take advantage of the statewide back-to-school sales tax holiday that begins next weekend.
(TRENTON) — The Department of the Treasury reported today that July revenue collections for the major taxes totaled $2.792 billion, an increase of $301.1 million, or 12.1 percent above last July.
(TRENTON) — Governor Phil Murphy today signed the Fiscal Year 2023 (FY2023) Appropriations Act into law. The FY2023 budget builds on the historic progress made over the last four years, maintaining the Governor’s commitment to prioritizing affordability, while delivering record tax relief and making transformative one-time investments.
(TRENTON) — The Department of the Treasury reported that May revenue collections for the major taxes totaled $3.282 billion, down $2.072 billion, or 38.7 percent, below last May. This dip was expected due to the fact that the deadline for filing individual income tax returns was postponed to May 17 last year, creating a surge in filings that typically come in during April. However, fiscal year-to-date, total collections of $40.816 billion are up $6.679 billion, or 19.6 percent above the same eleven months last year.
The New Jersey Department of the Treasury has announced that beginning July 1, notaries public in New Jersey will be required to complete new educational and testing requirements during the notary commissioning process.
New Jersey State Treasurer Elizabeth Maher Muoio was presented with the New Jersey Coalition for Financial Education’s (NJCFE) President’s Award in recognition of the State’s launch of the NJ FinLit financial wellness platform during the coalition’s Spring Conference this morning.
Record April Collections Help FY 2022 Revenues Soar Past Pre-Pandemic Trend Line with $13.4 Billion Jump Since FY 2020
Murphy Administration Looks to Use Revenue Boost for Additional Property Tax Relief, Debt Reduction, and Building Up Surplus
Revenue Growth Expected to Moderate for Fiscal Year 2023 as Economic Concerns Loom
(TRENTON) – The Department of the Treasury testified before the Senate Budget and Appropriations Committee at the State House today, providing a detailed update on revenue projections for the remainder of Fiscal Year 2022 (FY 2022) through Fiscal Year 2023 after sizing up collections for the all-important month of April, noting that revenues have now surged $13.4 billion higher than at the close of FY 2020 when the pandemic was in its infancy.
(TRENTON) – State Treasurer Elizabeth Maher Muoio announced today that Shoaib Khan, Acting Director of Treasury’s Division of Investment (DOI), has been selected as the permanent Director of the Division.
(LAMBERTVILLE) – Governor Phil Murphy today visited Union Coffee in Lambertville, an LGBTQ+-owned coffee shop, to sign Executive Order No. 295 instructing the New Jersey Department of the Treasury to establish a State-backed certification program for LGBTQ+-owned business enterprises. Certification, which will be free of charge, would expand access to public and private contracting opportunities and enable businesses to proudly identify as LGBTQ+-owned in their advertising.
(TRENTON) – The Murphy Administration today officially unveiled a new Emerging Managers initiative being launched by the Department of the Treasury’s Division of Investment in order to further diversify the private markets portfolio for the State of New Jersey’s roughly $95 billion pension fund, kicking off the new program with the first proposed investment of up to $250 million.
(TRENTON) – State Treasurer Elizabeth Maher Muoio issued the following statement today after the Capital City Redevelopment Corporation (CCRC) voted to issue a Notice to Award the Sale of the former State Division of Taxation building to TerraCycle US, LLC and proceed with the negotiation of a Purchase and Sale and Redevelopment Agreement (PSARA).
(TRENTON) – The Department of the Treasury reported that March revenue collections for the major taxes totaled $3.553 billion, up $732.0 million, or 25.9 percent above last March. Fiscal year-to-date, total collections of $29.404 billion are up $5.089 billion, or 20.9 percent above the same nine months last year.
(TRENTON) – The New Jersey Department of the Treasury announced today that Assistant Treasurer Jennifer Keyes-Maloney will be departing the Treasurer’s Office on April 14, after four years of service to the department, to assume the role of Associate VP of Government & College Relations at The College of New Jersey (TCNJ).
El sitio ofrece soluciones a la medida, personalizadas y notificables para los residentes de todo el espectro socioeconómico.
(TRENTON) – Como parte del mes de la educación financiera a nivel nacional, el gobernador Murphy anunció la semana pasada en el programa Invest in You: Ready. Set. Grow. de CNBC que el Departamento del Tesoro de New Jersey ha lanzado esta tarde NJ FinLit, una plataforma gratuita de bienestar financiero para todos los residentes adultos del estado.
The site offers customized, personalized, and reportable solutions for residents across the socio-economic spectrum
(TRENTON) – As part of National Financial Literacy Month, Governor Phil Murphy announced during CNBC's Invest in You: Ready. Set. Grow. event today that the New Jersey Department of the Treasury has launched NJ FinLit, a free financial wellness platform for all adult state residents, this afternoon.
Robust Growth Expected to Continue through Fiscal Year 2022 While Revenues Are Expected to Moderate for Fiscal Year 2023
Key Investments in Gov. Murphy's Proposed Budget Will Build Upon the Progress that has Led to Two Recent Credit Rating Upgrades
(TRENTON) – State Treasurer Elizabeth Maher Muoio testified before the Assembly Budget Committee at the State House today, providing a detailed update on revenue projections for the remainder of Fiscal Year 2022 through Fiscal Year 2023 as the economy is expected to right-size after two years of surging revenue increases.
State Treasurer Elizabeth Maher Muoio announced that Governor Murphy’s Detailed Budget book for Fiscal Year 2023 is now available online through the Department of the Treasury’s Office of Management and Budget website.
The Department of the Treasury's Unclaimed Property Administration (UPA) announced a record $3.9 million contribution to help provide assistance to low and moderate income New Jersey households struggling to pay their utility bills. The aid – up from $3.6 million last year – supports the nonprofit Affordable Housing Alliance's efforts to assist families with utility costs.
The Department of the Treasury reported that February revenue collections for the major taxes totaled $3.038 billion, up $294.9 million, or 10.8 percent above last February. Fiscal year-to-date, total collections of $25.850 billion are up $4.357 billion, or 20.3 percent above the same eight months last year.
Governor Phil Murphy delivered his fifth annual budget address on Tuesday, outlining a spending proposal for Fiscal Year 2023 (FY2023) that builds on the historic progress made over the last four years...
Citing steps taken to "aggressively" address liability burdens, Moody's Investors Services announced today it is upgrading New Jersey's general obligation bonds to an A2 credit rating from A3, with a stable outlook.
The Department of the Treasury reported that January revenue collections for the major taxes totaled $4.701 billion, up $621.6 million, or 15.2 percent above last January. Fiscal year-to-date, total collections of $22.812 billion are up $4.062 billion, or 21.7 percent above the same seven months last year.
The Department of the Treasury this week successfully completed the last in a series of transactions necessary to ultimately retire more than $3 billion in combined debt principal and interest, saving taxpayers more than half a billion dollars in the process.
Con el Día de Concientización del Crédito Tributario por Ingreso del Trabajo, el Departamento de Tesorería de NJ lanzó hoy una campaña de concientización en todo el estado que incentiva a todos los contribuyentes elegibles para que se beneficien del programa ampliado de Nueva Jersey, el cual puede proveer desde varios cientos hasta varios miles de dólares como ayuda económica para quienes puedan unirse.
In tandem with national Earned Income Tax Credit Awareness Day, the NJ Department of the Treasury today launched a statewide awareness campaign to encourage every eligible taxpayer to take advantage of New Jersey’s expanded program, which can provide anywhere from several hundred to several thousand dollars in relief to those who are eligible.
The New Jersey Department of the Treasury announced today the launch of a new, simplified way for New Jersey employers to complete annual payroll tax filings with the State.
The Department of the Treasury reported today that December revenue collections for the major taxes totaled $5.411 billion, up $1.110 billion, or 25.8 percent above last December. Fiscal year-to-date, total collections of $18.111 billion are up $3.441 billion, or 23.5 percent above the same six month period last year.
Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio praised the decision by Kroll Bond Rating Agency to upgrade the outlook for New Jersey's general obligation bonds from stable to positive.
The Department of the Treasury reported that November revenue collections for the major taxes totaled $2.567 billion, up $305.6 million, or 13.5 percent above last November. Fiscal year-to-date, total collections of $12.70 billion are up $2.33 billion, or 22.5 percent above the same five months last year.
The Department of the Treasury reported that October revenue collections for the major taxes totaled $2.770 billion, up $269.3 million, or 10.8 percent, above last October. Year-to-date, total collections of $10.133 billion are up $2.025 billion, or 25.0 percent above the same four months last year.
After more than 50 years as home to the New Jersey Department of the Treasury’s Division of Taxation, the prominent ten-story, 230,000 square foot office building at 50 Barrack Street, in the heart of downtown Trenton, is ready for new life.
State Treasurer Elizabeth Maher Muoio today announced several senior staff appointments within the State Treasurer’s Office to fill recent vacancies and help round out the leadership team as the administration begins its second term. In doing so, Muoio announced the appointment of Aaron Binder as Deputy State Treasurer and the elevation of both Andrea Spalla and Michael Kanef to the roles of Assistant Treasurer.
Pursuant to the New Jersey Debt Defeasance and Prevention Act, the Department of the Treasury announced that issuing officials met today and authorized the State to defease certain General Obligation (GO) bonds to reduce the State’s debt reliance and to save on future interest payments.
As part of the Murphy Administration's ongoing efforts to broaden opportunities for Minority, Women, and Veteran-Owned Business Enterprises (MWVBEs), the Department of the Treasury's Office of Diversity and Inclusion is making great progress in overseeing a statewide disparity study, engaging more than 70 state agencies and over 500 individuals through a recent series of virtual town halls.
The Department of the Treasury reported that September revenue collections for the major taxes totaled $4.563 billion, up $1.095 billion, or 31.6 percent above last September. Fiscal year-to-date, total collections of $7.362 billion are up $1.755 billion, or 31.3 percent above the same three months last year.
At today's meeting of the State Investment Council, Treasury's Division of Investment reported that New Jersey's Pension Fund generated a final, unaudited return of 28.63 percent for the 12-month period ending June 30, 2021, far surpassing any annual return on record for the last 20 years, as well as the 7.3 percent statutory assumed rate of return for Fiscal Year 2021 (FY 2021).
The NJ Treasury Department announced today that Assistant State Treasurer Dini Ajmani departed from the Treasurer’s Office on September 24, after serving nearly four years in this role, to take on a position in the U.S. Treasury as Deputy Assistant Secretary for Capital Markets.
The Department of the Treasury reported that August revenue collections for the major taxes totaled $2.446 billion, up $488.7 million, or 25.0 percent above last August. Year-to-date, total collections of $2.780 billion are up $659.8 million, or 30.8 percent above the same two initial months last year.
The New Jersey Department of the Treasury's Division of Investment issued the following statement today regarding State pension fund holdings in Unilever plc, the parent company of Ben & Jerry's:
"Following the letter and spirit of the law, the State of New Jersey's Division of Investment, working with its independent consultant, ISS, conducted a review of the actions of Ben & Jerry's and its parent company, Unilever, to determine whether such actions constituted a boycott of Israel or companies operating in Israel or Israeli-controlled territory. Following this review, the division reached a preliminary determination that Unilever's actions did in fact constitute such a boycott and sent a letter to Unilever notifying the company of its provisional determination. Upon final determination, no pension fund assets may be invested in the company, and DOI shall take appropriate action to sell or divest any existing pension fund investments," said Shoaib Khan, Director of the NJ Division of Investment.
(Lower Alloways Creek, NJ) – Governor Phil Murphy today joined U.S. Secretary of Labor Marty Walsh, Senate President Stephen Sweeney, President of the New Jersey State Building & Construction Trades Council Bill Mullen, AECOM Tishman Community Relations Director Flora Ramos, elected officials, union leaders, environmental advocates, private sector partners, and representatives of the offshore wind industry for the groundbreaking of the New Jersey Wind Port, a first-in-the-nation infrastructure investment that will provide a location for essential staging, assembly, and manufacturing activities related to offshore wind projects on the East Coast.
(TRENTON) – State Treasurer Elizabeth Maher Muoio announced today that the New Jersey Division of Taxation is following the lead of the IRS and extending tax filing and payment deadlines for certain taxpayers impacted by Tropical Storm Ida.
(TRENTON) – The NJ Treasury Department announced today that Deputy State Treasurer Catherine Z. Brennan will be departing the Treasurer's Office on September 17, after 27 years of service to the State of New Jersey, to assume the new role of Senior Vice President /Chief Financial Officer for New Jersey Institute of Technology (NJIT).
(TRENTON) – After a thorough review of fuel consumption statistics and consultation with the Legislative Budget and Finance Officer, the Department of the Treasury announced on Tuesday that New Jersey’s gas tax rate will decrease by 8.3 cents per gallon beginning October 1 to comport with the 2016 law that requires a steady stream of revenue to support the State’s Transportation Trust Fund (TTF) program.
(TRENTON) – The New Jersey Department of the Treasury announced today that reforms instituted across the School Employees’ Health Benefits Program (SEHBP) in recent years have led to sizable reductions in projected premium rates for next year, including a first-ever one-month contribution “holiday” that will save participating employees and school districts over $100 million.
(TRENTON) – The Department of the Treasury today reported that July revenue collections for the major taxes totaled $2.491 billion, down $2.645 billion, or 51.5 percent below last July. This decline was anticipated because last July was atypical, witnessing heightened collections due to the fact that the state and federal government extended the tax filing deadline for individual and corporate taxpayers from April 15 to July 15 in light of the COVID-19 pandemic.
(TRENTON) – Governor Phil Murphy, Acting Governor Sheila Oliver, and State Treasurer Elizabeth Maher Muoio today praised the decision by Fitch Ratings to upgrade the outlook for New Jersey’s general obligation bonds from negative to positive.
(TRENTON) – Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio welcome the decision by S&P Global Ratings to upgrade the outlook for New Jersey's general obligation bonds from stable to positive.
(TRENTON) – The New Jersey Lottery Commission held its July Commission meeting last week and announced its unaudited results for the fiscal year that ended on June 30, 2021, posting a record $3.68 billion in sales, the highest in Lottery history and 14.6% higher than Fiscal Year 2020.
(TRENTON) – Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio today applauded the decision by Moody’s Investors Service to upgrade the outlook for New Jersey’s general obligation bonds from stable to positive.
(TRENTON) – State Treasurer Elizabeth Maher Muoio announced that the Treasury Department today kicked off the start of the new fiscal year by paying the full state-funded portion of the $6.9 billion pension contribution slated for Fiscal Year 2022 (FY 2022). This marks the first time in more than 25 years that New Jersey is making the full Actuarially Determined Contribution to the Pension Fund, plus an additional $505 million contribution, and also the first time in years that the state has made a lump sum payment, rather than quarterly payments.
(WOODBRIDGE) – Governor Phil Murphy signed the Fiscal Year 2022 (FY 2022) Appropriations Act into law today, working in partnership with the Legislature to develop a responsible and bold budget that meets the State’s current and future obligations, makes New Jersey more affordable for working and middle-class families, provides record investments in education, supports an inclusive pandemic recovery, and invests in small businesses and long-term economic growth.
(TRENTON) — Today, Governor Murphy, Senate President Sweeney, Speaker Coughlin, Senate Budget Chair Sarlo, and Assembly Budget Chair Pintor Marin announced an agreement on key middle-class tax relief and property tax relief measures in the Fiscal Year 2022 Budget.
(TRENTON) — The Capital City Redevelopment Corporation (CCRC) Board today announced that it has approved initiating the public adoption process for the draft update to its Renaissance Plan. The Renaissance Plan was first adopted in 1989 to fuel economic development within Trenton's Capital District and to make the area a more attractive place to live, work, play, and conduct business. The update is designed to reflect changes in the social, economic, and natural environment over the last 30 years and to provide a guide for the Capital District into the future.
(TRENTON) — State Treasurer Elizabeth Maher Muoio delivered a written revenue update to the Assembly Budget Committee today, announcing that revenue collections are expected to hit an all-time high, bolstered by economic activity which has recovered more than a year earlier than national forecasters predicted just six months ago.
(TRENTON) — The New Jersey State Treasurer's Office announced today that it will be hosting the Treasurer's Symposium on COVID, Women and the Economy: Avoiding the Next "She-cession" on Friday, June 4, 2021.
More Detailed Revenue Update to Come in June After Tax Payments, Delayed by Filing Deadline Extension, have been Processed
(TRENTON) — State Treasurer Elizabeth Maher Muoio testified before the Assembly Budget and Appropriations Committee today, providing an update on the Department of the Treasury's departmental operations, with a brief update on the state's revenue situation. Due to the extension of the tax filing deadline to May 17, a more detailed revenue update will be provided in the first half of June after the bulk of payments have been processed. Below is the Treasurer's testimony, as prepared for delivery.
(TRENTON) — The Department of the Treasury reported that April revenue collections began what will effectively be a two-month filing season, as many taxpayers elected to postpone the traditional filing of April tax returns due to the extension of the filing deadline to May 17.
(TRENTON) — New Jersey Department of the Treasury’s Division of Investments Director Corey Amon announced Tuesday that he is resigning his position, effective June 4, to pursue a new opportunity. Shoaib Khan, Deputy Director of the Division, will serve as Acting Director following Amon’s departure to ensure a seamless transition in order to protect the retirement of hundreds of thousands of public employees.
Collaboration across State agencies key to coordinated improvements.
(TRENTON) — In response to a report issued by Governor Murphy’s Task Force on Employee Misclassification, the New Jersey Department of the Treasury has made significant strides to deter misclassification by organizations that do business with the State in order to help address the underlying causes that lead to ever-widening income inequality.
(TRENTON) — During National Small Business Week, State Treasurer Elizabeth Maher Muoio announced that the Department of the Treasury will be indefinitely waiving the $100 filing fee to become certified as a Small, Minority, Woman, or Veteran-owned Business Enterprise (SMWVBE).
(TRENTON) — The Department of the Treasury conducted the successful refinancing of previously issued Transportation Trust Fund Authority (TTFA) bonds this week, bringing the total savings secured for New Jersey taxpayers under the Murphy Administration to just over $1 billion.
(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.
(TRENTON) – State Treasurer Elizabeth Maher Muoio released the following statement on the decision by Moody’s Investor Services to upgrade New Jersey’s outlook from negative to stable due to the better than expected revenue performance in Fiscal Year 2021, and the expectation that large resulting fund balances will support budget flexibility through the coronavirus recovery:
Revenues Projected to Grow By 4% for FY2022 After Volatile Nationwide Forecasting Year;
Key Investments in Gov. Murphy’s Proposed Budget Will Help NJ Rebound from Pandemic Stronger & More Resilient (TRENTON) – State Treasurer Elizabeth Maher Muoio testified before the Senate Budget & Appropriations Committee at the State House today, providing a detailed update on improving revenue projections for the remainder of Fiscal Year 2021 through Fiscal Year 2022, and outlining the critical investments Gov. Phil Murphy has proposed to help New Jersey emerge from the pandemic stronger, fairer, and more resilient.
(TRENTON) – Governor Phil Murphy, Treasurer Elizabeth Muoio, Senate Budget and Appropriations Committee Chairman Paul Sarlo, and Assembly Budget Committee Chairwoman Eliana Pintor Marin today announced that the state income tax filing and payment due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021 to mirror actions taken by the IRS. The extension was made under the authority of the Department of Treasury's Director of the Division of Taxation. Formal guidance will be provided in the coming days.
(TRENTON) – The Department of the Treasury reported that February revenue collections for the major taxes totaled $2.743 billion, up $189.0 million, or 7.4 percent, over last February. Fiscal year-to-date, total revenue collections of $21.493 billion are up $982.3 million, or 4.8 percent above the same eight month period last year.
(TRENTON) – The Department of the Treasury reported that January revenue collections for the major taxes totaled $4.1 billion, up $10.3 million, or 0.3 percent, above last January. Fiscal year-to-date, total collections of $18.75 billion are up $793.3 million, or 4.4 percent above the same seven months last year.
(TRENTON) – In an effort to aid small businesses impacted by the COVID-19 pandemic, Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio announced today that New Jersey will follow the federal government's lead in allowing Paycheck Protection Program (PPP) loans to be tax exempt at the state level and enabling recipients to deduct business expenses that were paid with the tax-exempt loan proceeds, thereby enhancing the tax benefits of the loans.
(TRENTON) – Con el Día de Concientización del Crédito Tributario por Ingreso del Trabajo, el Departamento de Tesorería de NJ lanzó hoy una campaña de concientización en todo el estado que incentiva a todos los contribuyentes elegibles para que se beneficien del programa ampliado de Nueva Jersey, el cual puede proveer desde varios cientos hasta varios miles de dólares como ayuda económica para quienes puedan unirse.
Announcement comes as part of National Unclaimed Property Day celebration.
(TRENTON) –– The Department of the Treasury’s Unclaimed Property Administration (UPA) announced a record $3.6 million to help provide assistance to low and moderate income New Jersey households struggling to pay their utility bills. The contribution, presented to the Affordable Housing Association on National Unclaimed Property Day, is an increase from last year’s $3.2 million contribution.
Roughly 25% of Eligible Taxpayers Routinely Do Not Apply; Statewide Awareness Campaign Underway to Encourage Participation
(TRENTON) –– In tandem with national Earned Income Tax Credit Awareness Day, the NJ Department of the Treasury today launched a statewide awareness campaign to encourage every eligible taxpayer to take advantage of New Jersey’s expanded program, which can provide anywhere from several hundred to several thousand dollars in relief to those who are eligible.
(TRENTON) – The New Jersey Department of the Treasury's Division of Investment (DOI) announced several new key hires and promotions at today's annual meeting of the State Investment Council (SIC), chief among them Shoaib Khan, the division's new Deputy Director. Mehr lesen
(TRENTON) – The Department of the Treasury reported that December revenue collections for the major taxes totaled $4.3 billion, up $1.331 billion, or 44.8 percent, above last December. Fiscal year-to-date, total collections of $14.67 billion are up $783.0 million, or 5.6 percent above the same six months last year. Mehr lesen
(TRENTON) – State Treasurer Elizabeth Maher Muoio has announced the hiring of New Jersey native Eddie Ramos to fill the newly created position of Diversity Portfolio Manager within Treasury’s Division of Investment (DOI), a role designed to aid the division’s ongoing efforts to identify a wider universe of diverse investment fund managers, brokers, consultants, and advisers to manage the State’s roughly $80 billion pension fund. Mehr lesen
TRENTON - State Treasurer Elizabeth Maher Muoio announced today that New Jersey property owners who are eligible for the Senior Freeze property tax reimbursement program will have an additional month to apply for the relief program, with the application deadline now being extended until February 1, 2021. Mehr lesen
TRENTON - The Department of the Treasury announced several key initiatives on Wednesday that will advance the Murphy Administration's commitment to ensuring Minority-, Women-, and Veteran-Owned Businesses (MWVOB) can more fully participate in New Jersey's multi-billion dollar supply chain. Mehr lesen
TRENTON - The Department of the Treasury reported that November revenue collections for the major taxes totaled $2.261 billion, up $124.7 million, or 5.8 percent above last November. However, fiscal year-to-date, total collections of $10.370 billion are down $548.3 million, or 5.0 percent below the same five months last year. Mehr lesen
TRENTON - The New Jersey Department of the Treasury and the New Jersey Economic Development Authority (NJEDA) today announced the installation of artwork from ten Mercer County artists into the newly constructed New Jersey Department of Health building on Willow Street in Trenton. The installation marks one of the final steps in the construction of the first new state office buildings in Trenton in more than 25 years. Mehr lesen
TRENTON - The Department of the Treasury reported that October revenue collections for the major taxes totaled $2.501 billion, down $137.4 million, or 5.2 percent below last October. Fiscal year-to-date, total collections of $8.108 billion are down $673.1 million, or 7.7 percent below the same four months last year. Mehr lesen
TRENTON - The New Jersey Department of the Treasury today priced the General Obligation bonds authorized under the COVID-19 Emergency Borrowing Act one day earlier than anticipated due to the amount of interest the State had received. Mehr lesen
TRENTON - -Governor Murphy issued a revenue certification today, as required by the New Jersey Supreme Court before any general obligation bonds can be issued under the COVID-19 Emergency Bond Act. The overall revenue outlook is now $398 million above the amount certified in the Fiscal Year 2021 (FY21) Appropriations Act at the end of September 2020. Mehr lesen
TRENTON - State Treasurer Elizabeth Maher Muoio is reminding residents that the deadline to apply for New Jersey's Senior Freeze property tax reimbursement has been extended until the end of the year and is urging all eligible residents to take advantage of the additional time to apply for the relief. Mehr lesen
TRENTON - The Department of the Treasury today reported that September revenue collections for the major taxes totaled $3.467 billion, down $161.0 million, or 4.4 percent below last September. Fiscal year-to-date, total collections of $5.607 billion are down $535.7 million, or 8.7 percent below the same three months last year. Mehr lesen
TRENTON - Pursuant to the New Jersey COVID-19 Emergency Bond Act, the Department of the Treasury announced that issuing officials met today and released a report authorizing the state to issue up to $4.5 billion in General Obligation (GO) bonds to help navigate a steep decline in state revenue brought on by the COVID-19 pandemic. Mehr lesen
TRENTON - The Department of the Treasury reported that August revenue collections for the major taxes totaled $1.958 billion, down $117.4 million, or 5.7 percent below last August. For the first two months of traditional Fiscal Year 2021 (FY 2021), total collections of $2.140 billion are down $374.7 million, or 14.9 percent below the same two months last year. Mehr lesen
TRENTON - State Treasurer Elizabeth Maher Muoio testified before the Senate Budget and Appropriations Committee at the State House today, providing a revenue update for the close out of Fiscal Year 2020, a detailed look ahead at projections for Fiscal Year 2021, and an overview of Governor Murphy’s plans to build a stronger, fairer, and more resilient post-COVID future for New Jersey. Mehr lesen
TRENTON - After a thorough review of fuel consumption statistics and consultation with the Legislative Budget and Finance Officer, the Department of the Treasury announced on Friday that lower fuel consumption trends, which have been exacerbated by the COVID-19 pandemic, will necessitate a gas tax increase of 9.3 cents per gallon in order to ensure compliance with the 2016 law that requires a steady stream of revenue to support the state’s Transportation Trust Fund (TTF) program. Mehr lesen
TRENTON - Governor Phil Murphy today released his revised budget proposal for Fiscal Year 2021 (FY 2021), including targeted cuts across State government, fair and equitable revenue raisers, an emergency borrowing proposal, and additional plans to invest federal funding received to date to help close what would have been a nearly $6 billion budget hole as a result of the COVID-19 pandemic. Mehr lesen
TRENTON - The Department of the Treasury today reported that July revenue collections for the major taxes totaled $5.136 billion, up $2.802 billion, or 120.1 percent over last July. This inflated and unprecedented growth was anticipated due to the change in state law that allowed individual and corporate taxpayers to defer certain payments from April to July due to the COVID-19 pandemic, following similar tax changes that were instituted at the federal level. Mehr lesen
TRENTON - The Department of the Treasury reported today that June revenue collections for the major taxes totaled $2.92 billion, down $503 million, or 14.7 percent below last June. The June decline eclipsed last month's decline of 13.5 percent over the previous May, indicating that the economic impact of the global pandemic shows little signs of abating. Fiscal year-to-date, total collections of $29.784 billion are now down $3.0 billion, or 9.2 percent below the same period last year. Mehr lesen
TRENTON - The Department of the Treasury is warning New Jersey residents to be careful when it comes to text messages that seem too good to be true. Scammers purporting to be from Treasury’s Unclaimed Property Administration (UPA) are sending fraudulent text messages to residents, asserting that unclaimed funds can be accessed by clicking a link. Mehr lesen
TRENTON - Governor Phil Murphy signed a three-month spending plan into law on Tuesday that includes a series of deep cuts and spending deferrals to help the state meet its most basic obligations through the extended fiscal year (FY 2020), which ends September 30. Mehr lesen
TRENTON - The Department of the Treasury reported today that May revenue collections for the major taxes totaled $2.120 billion, down $331.2 million, or 13.5 percent, below last May as the economic impact of the global pandemic continues to take its toll on the State's finances. Fiscal year-to-date, total collections of $26.864 billion are now down $2.498 billion, or 8.5 percent below the same period last year. Mehr lesen
TRENTON - State Treasurer Elizabeth Maher Muoio testified during a virtual hearing before the Assembly Budget Committee today, providing a detailed revenue report and fielding questions on the difficult choices the Murphy Administration has been forced to make in order to close the massive gap that looms for the remainder of the extended fiscal year due to the devastating impact COVID-19 has had on New Jersey’s finances. Mehr lesen
TRENTON - New Jersey recently launched the PPE Supplier Registry to connect suppliers of personal protective equipment (PPE) that can prevent the spread of COVID-19 with potential buyers. Wholesale vendors with PPE inventory such as surgical or other protective masks, hospital gowns, hand sanitizer, or COVID-19 test kits can submit details on supplies they have available and hospitals, medical organizations, and private businesses can purchase. Mehr lesen
TRENTON - The Department of the Treasury delivered a budget update to the Legislature today, providing a detailed revenue report that illustrates the devastating impact COVID-19 has had on New Jersey’s finances and laying out plans to close the looming gap for the remainder of the extended fiscal year through a series of deep cuts and spending deferrals. Mehr lesen
TRENTON - The New Jersey Department of the Treasury today issued its first projections on the potential shortfall the State of New Jersey will be facing through the end of the next fiscal year as a result of the economic impact of the COVID-19 pandemic.
TRENTON - The Department of the Treasury reported today that April revenue collections for the major taxes totaled $2.345 billion, down an unprecedented $3.5 billion, or 59.7 percent, below last April as the economic impact of the global pandemic begins to take its toll on the State’s finances. Fiscal year-to-date total collections, which had been running ahead of last year through the end of March, are now at $24.743 billion, down $2.2 billion, or 8.1 percent below the same period last year. Mehr lesen
TRENTON - Governor Phil Murphy joined with his Treasury Department today in mourning the passing of New Jersey’s Chief Economist, Dr. Ranjana G. Madhusudhan, Ph.D., whose keen insight helped influence the national economic discourse throughout a prolific career that spanned more than four decades, most of which was spent with Treasury in various roles. . Mehr lesen
TRENTON - The Department of the Treasury today reported that March revenue collections for the major taxes totaled $1.888 billion, up $66.3 million, or 3.6 percent above last March. Fiscal year-to-date, total collections of $22.398 billion are up $1.3 billion, or 6.2 percent above the same period last year. Mehr lesen
Issues New Disclosure Statement on Potential Financial Impact
TRENTON - State Treasurer Elizabeth Maher Muoio issued a new voluntary disclosure statement to bond holders today, as required by law, providing the most detail, to date, on the potential impact COVID-19 may have on New Jersey’s finances, including revenue collections and pension fund contributions. Mehr lesen
Assistance can still be obtained online or via phone for Taxation, Pensions & Benefits, business applications and various certification services that are impacted
TRENTON - The Department of the Treasury reported that February revenue collections for the major taxes totaled $2.554 billion, up $220.0 million, or 9.4 percent above last February. Fiscal year-to-date, total collections of $20.511 billion are up $1.234 billion, or 6.4 percent above the same period last year. Mehr lesen
TRENTON - The Department of the Treasury reported that February revenue collections for the major taxes totaled $2.554 billion, up $220.0 million, or 9.4 percent above last February. Fiscal year-to-date, total collections of $20.511 billion are up $1.234 billion, or 6.4 percent above the same period last year. Mehr lesen
TRENTON - The Department of the Treasury reported today that January revenue collections for the major taxes totaled $4.069 billion, up $27.4 million, or 0.7 percent above last January. Year-to-date, total collections of $17.957 billion for Fiscal Year 2020 (FY 2020) are up $1.014 billion, or 6.0 percent above the same period last year. Mehr lesen
TRENTON - The Department of the Treasury’s Unclaimed Property Administration (UPA) presented a record $3.2 million to help provide assistance to low and moderate income New Jersey households struggling to pay their utility bills. The check, presented to the Affordable Housing Association, which administers the assistance, is nearly double last year’s $1.7 million contribution. Mehr lesen
TRENTON - The Department of the Treasury reported today that the robust revenue collections that had been realized through the first five months of Fiscal Year 2020 (FY 2020) began to moderate in December with combined collections for the major taxes totaling $2.969 billion, down $4.4 million, or 0.1 percent, below last December. Mehr lesen
TRENTON - The Department of the Treasury reported today that revenue collections held steady in November with combined collections for the major taxes totaling $2.137 billion, up $206.4 million, or 10.7 percent above last November. Year-to-date, collections for Fiscal Year 2020 (FY 2020) totaled $10.918 billion, up $990.8 million, or 10 percent, above the same five month period last year. However, there remains ongoing uncertainty surrounding the continuation of these trends for the remaining seven months of FY 2020. Mehr lesen
TRENTON - The Department of the Treasury reported today that October revenue collections were above targeted growth, with collections for the major taxes totaling $2.639 billion, up $361.9 million, or 15.9 percent above last October. Year-to-date, total collections of $8.781 billion are up $784.4 million, or 9.8 percent above the same period last year. Mehr lesen
TRENTON - – With the Veterans Income Tax Exemption doubling to $6,000 for 2019, State Treasurer Elizabeth Maher Muoio is urging New Jersey veterans to check their eligibility and pre-certify to make claiming the exemption easier during tax filing season. Mehr lesen
TRENTON - The Department of the Treasury today released $114 million of the $235 million in spending that had been placed into reserve in July to help maintain a balanced budget and a responsible surplus pursuant to Executive Order No. 73 signed by Governor Murphy. Mehr lesen
TRENTON - The Department of the Treasury reported today that overall September revenue collections exceeded projected growth at the close of the first quarter of Fiscal Year 2020 (FY 2020). Collections for the major taxes totaled $3.628 billion, up $333.3 million, or 10.1 percent, compared to last September. Year-to-date, total collections of $6.143 billion are up $422.5 million, or 7.4 percent above the same three months last year. Mehr lesen
TRENTON - State Treasurer Elizabeth Maher Muoio today announced the launch of a new web-based portal that streamlines how small, minority, women, and veteran-owned business enterprises (SMWVBEs) certify with the state, allowing them to more easily compete for state contracts with the Department of the Treasury. Mehr lesen
TRENTON –State Treasurer Elizabeth Maher Muoio announced today that local government and school employers can expect to see relief in the coming year when it comes to the cost of health benefits and pension contributions – two of the largest drivers of property taxes. Mehr lesen
TRENTON - State Treasurer Elizabeth Maher Muoio announced today that New Jersey’s current tax rate on gasoline and diesel fuel will remain stable for the coming year at 41.4 cents and 48.4 cents per gallon, respectively. Mehr lesen
TRENTON - The Department of the Treasury reported that July revenue collections are on target as the new fiscal year gets underway, with collections for the major taxes totaling $2.33 billion, up $250.1 million, or 12 percent, compared to last July. Mehr lesen
TRENTON - Governor Phil Murphy announced today that the State of New Jersey will host NJ Connects, the first-ever state summit designed to connect minority-, women-, veteran-, and LGBTQ-owned businesses with roughly one billion dollars in public and private sector contracting opportunities. Mehr lesen
TRENTON - The Department of the Treasury today released the list of spending items in the newly enacted FY 2020 Appropriations Act that have been placed into reserve pursuant to Executive Order No. 73 signed by Governor Murphy on Sunday. Mehr lesen
TRENTON - State Treasurer Elizabeth Maher Muoio today announced the launch of a new web-based portal that will transform the way Treasury’s Division of Taxation and the NJ Economic Development Authority (EDA) issue and review economic development tax incentives that have been awarded, allowing the agencies to track the entire lifespan of a tax credit, regardless of how many times it is sold from company to company. Mehr lesen
TRENTON - The Department of the Treasury announced today that the proposed rules governing the expansion of the New Jersey Public Private Partnership (P3) program are now available on the New Jersey Register for public comment. Mehr lesen
TRENTON - The Department of the Treasury reported that May revenue collections for the major taxes totaled $2.452 billion, down $142 million, or 5.5 percent below last May, after rebounding in April. However, fiscal year-to-date revenues are on track to meet Treasury’s updated year-end projections with $29.361 billion collected in total, up $2.576 billion, or 9.6 percent, over the same period last year. Mehr lesen
TRENTON - State Treasurer Elizabeth Maher Muoio released the following statement Monday on the latest Moody’s analysis that underscores New Jersey’s need to better prepare for an eventual recession: Mehr lesen
TRENTON - State Treasurer Elizabeth Maher Muoio announced that the Department of the Treasury has entered into an amended service agreement with Northstar New Jersey Lottery Group, which controls the New Jersey Lottery’s sales and marketing operations, a move that is projected to save the state roughly $100 million over the remaining life of the contract. Mehr lesen
TRENTON - State Treasurer Elizabeth Maher Muoio appeared before the Senate Budget and Appropriations Committee today to present revised revenue estimates for both FY2019 and FY2020, highlighting New Jersey’s improved revenue outlook due in part to the record-setting $3.627 billion in Gross Income Tax receipts the state collected for the all-important month of April. Mehr lesen
TRENTON - State Treasurer Elizabeth Maher Muoio announced that the Murphy administration is poised to make a deposit in New Jersey’s Surplus Revenue Fund (SRF) for the first time in more than a decade. The Surplus Revenue Fund, more commonly referred to as the “rainy day fund,” has sat dry since late 2008, just after the Great Recession hit. Mehr lesen
TRENTON - The Department of the Treasury reported that March revenue collections for the major taxes totaled $1.822 billion, up $262.8 million, or 16.9 percent, above last March. Fiscal year-to-date, total collections of $21.098 billion are up $947.7 million, or 4.7 percent, above the same period last year. Mehr lesen
The New Jersey Department of the Treasury and the New Jersey Economic Development Authority (NJEDA) will host a second opportunity forum next week to help small, women, minority, and veteran-owned subcontracting companies (SMWVBEs) explore opportunities to work on the new state office building development projects underway in Trenton. Mehr lesen
State Treasurer Elizabeth Maher Muoio testified before the Assembly Budget Committee at the State House today, providing a detailed update on revenue projections for both fiscal year 2019 and 2020 and detailing Gov. Murphy’s plans to restore fiscal responsibility and grow and strengthen New Jersey’s middle class. Mehr lesen
State Treasurer Elizabeth Maher Muoio announced that Acting Director Corey Amon was sworn in this morning as the permanent Director of the Department of the Treasury’s Division of Investment (DOI). Mehr lesen
The Department of the Treasury reported that February revenue collections for the major taxes totaled $2.334 billion, up $191 million, or 8.9 percent above last February. Fiscal year-to-date, total collections of $19.277 billion are up $685 million, or 3.7 percent above the same period last year. Mehr lesen
The state of New Jersey is seeking artists to design, construct, and install artwork for the new state office buildings being constructed in downtown Trenton, the NJ Department of the Treasury and the NJ Economic Development Authority (NJEDA) announced today. Mehr lesen
The Department of the Treasury reported that January revenue collections for the major taxes totaled $4.042 billion, up $225 million, or 5.9 percent above last January. Year-to-date, total collections of $16.942 billion are up $493.8 million, or 3.0 percent above the same period last year. Mehr lesen
The New Jersey Department of the Treasury’s Unclaimed Property Administration (UPA) presented the Affordable Housing Alliance with a check this week for $1.78 million to help provide assistance to low and moderate income New Jersey households struggling to pay their utility bills. Mehr lesen
With income tax filing season about to get underway, and the prolonged federal government shutdown placing a financial strain on furloughed workers, the New Jersey Department of the Treasury wants to remind all taxpayers that the Division of Taxation stands ready to assist anyone experiencing hardship who may be struggling to make payments. Mehr lesen
The Department of the Treasury reported that December revenue collections for the major taxes totaled $2.973 billion, down $335 million, or 10.1 percent below last December. However, year-to-date, total collections of $12.901 billion are up $269 million for FY 2019, 2.1 percent above the same period last year. Mehr lesen
As part of the Department of the Treasury’s ongoing efforts to reconnect state-held assets to their rightful owners, the Unclaimed Property Administration (UPA) has launched a veterans outreach campaign, which has uncovered as many as 3,000 veterans and widows in New Jersey who may have unclaimed assets, resulting in over $200,000 being returned to families thus far. Mehr lesen
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. Mehr lesen
The New Jersey Division of Taxation has announced the official launch of the 2018 Tax Amnesty program to provide individuals and businesses with the opportunity to pay back taxes or file past returns with no penalties and reduced interest. Mehr lesen
The Department of the Treasury reported that October revenue collections were on target through the first four months of FY 2019. Collections for the major taxes totaled $2.277 billion, up $73.0 million, or 3.3 percent, compared to last October. Year-to-date, total collections of $7.997 billion are up $663.3 million, or 9.0 percent above the same period last year. Adjusting for an accelerated gross income tax withholding payment, year-to-date growth in the major revenues is 7.3 percent, almost exactly matching the year-end target growth rate of 7.5 percent. Mehr lesen
The Department of the Treasury reported today that September revenue collections were above target growth at the close of the first quarter of FY 2019. Collections for the major taxes totaled $3.295 billion, up $393.7 million, or 13.6 percent, compared to last September. Year-to-date, total collections of $5.72 billion are up $591.2 million, or 11.5 percent above the same three months last year. Mehr lesen
In an effort to attract small, minority- and women-owned businesses, the Department of the Treasury and the NJ Economic Development Authority (EDA) will host a networking event next week for entrepreneurs to showcase the opportunities that lie ahead as two new state office building projects get underway. Mehr lesen
The Department of the Treasury’s Division of Investment (DOI) today announced that the final, unaudited net return for New Jersey’s Pension Fund was 9.06 percent for fiscal year 2018, exceeding both the benchmark return of 8.65 percent and the 7.5 percent statutory assumed rate of return. Mehr lesen
State Treasurer Elizabeth Maher Muoio welcomed news that Moody’s Investors Service has deemed the health benefits savings agreement the Murphy Administration announced last week a “credit positive” for the State of New Jersey. Mehr lesen
Governor Phil Murphy today signed an Executive Order establishing the New Jersey State Capital Partnership, an initiative designed to harness state support and resources to spur economic development in Trenton and help chart a new course for New Jersey’s capital city. Mehr lesen
The New Jersey Division of Taxation postponed tax filing and payment deadlines for taxpayers affected by Hurricane Florence, State Treasurer Elizabeth Maher Muoio announced today. Mehr lesen
State Treasurer Elizabeth Maher Muoio extended her heartfelt condolences to the family of Cliff Goldman, who served as Treasurer from 1976 through 1982: Mehr lesen
Governor Phil Murphy today announced that the Murphy Administration has reached a health care benefits agreement with labor groups, including the New Jersey Education Association (NJEA) Mehr lesen
The Department of the Treasury reported that July revenue collections are on target as the new fiscal year gets underway, with collections for the major taxes totaling $2.030 billion, up $149.0 million, or 7.9 percent, compared to last July. Mehr lesen
New Jersey returned a near-record amount of unclaimed property and assets during the fiscal year that just ended, according to State Treasurer Elizabeth Maher Muoio, with a total of $142.6 million returned to 50,837 rightful owners and heirs in FY 2018. Mehr lesen
State Treasurer Elizabeth Maher Muoio today announced that James Carey, a veteran of the Attorney General’s Office, has been appointed the new Executive Director of the New Jersey Lottery. Carey will officially take over the helm on July 23 as Acting Executive Director while his nomination awaits advice and consent from the State Senate. Mehr lesen
State Treasurer Elizabeth Maher Muoio today laid out a framework for several initial state health benefit cost-saving measures underway by the Murphy Administration that are projected to yield significant annual savings for taxpayers, while upholding the state’s commitment to public employees. Mehr lesen
The Department of the Treasury today announced that dedicated revenues remain stable while General Fund revenues remain weak for FY 2018 with the Corporation Business Tax (CBT) seeing a substantial decline for the month of May. Mehr lesen
State Treasurer Elizabeth Maher Muoio on Friday directed all state cabinet and agency heads to immediately freeze all hiring, promotions and discretionary spending until further notice in order to ensure General Fund resources are adequate to support essential state operations. Mehr lesen
State Treasurer Elizabeth Maher Muoio appeared before the Assembly Budget Committee on Monday to present revised revenue estimates for both FY18 and FY19 and relayed a sobering message on New Jersey’s accelerating structural budget imbalance, precipitated in large part by a number of tax changes made under the previous administration. Mehr lesen
The Department of the Treasury on Monday reported that April revenue collections for the major taxes were essentially flat compared to last April, up by only 0.3 percent. Total revenues are tracking close to the FY 2018 aggregate target, increasing $1.338 billion, or 5.9 percent, year-to-date. Mehr lesen
Following the Internal Revenue Service’s lead, the New Jersey Department of the Treasury’s Division of Taxation announced Wednesday that it is providing taxpayers with an additional day to file and pay their taxes. Mehr lesen
Governor Murphy’s nomination for State Treasurer – Elizabeth Maher Muoio
– became just the second woman in New Jersey history to be confirmed to the cabinet post after receiving official confirmation from the State Senate on Thursday. Mehr lesen
Apr
10
2018
Acting Treasurer Muoio Testifies Before Senate Budget Committee
Acting State Treasurer Elizabeth Maher Muoio testified before the Senate Budget and
Appropriations Committee at the State House today, providing a detailed update on revenue projections
for both fiscal year 2018 and 2019 and detailing Gov. Murphy’s plans to get the state’s fiscal house in
order by charting a new trajectory for New Jersey Read More
Fiscal Year 2014 Revenues Outpace Fiscal Year 2013 Year-Over-Year by 4.5 Percent; March Corporation Business Tax Collections Beat Revenue Projections by $44 Million
Official Site of The State of New Jersey