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New Jersey Tax Revenues Down 4% in September

The Department of the Treasury reported that September revenue collections for the major taxes was down 4.4% from 2019 and down nearly 9% for the first quarter of the financial year.

Revenues totaled approximately $3.5 billion, down $161.0 million from September 2019. Fiscal year-to-date, total collections of $5.6 billion are down $535.7 million, or 8.7% below the same three months last year.

September collections for the Gross Income Tax (GIT), dedicated to the Property Tax Relief Fund, totaled nearly $1.65 billion, up $29.3 million, or 1.8% above last September. Treasury officials noted collections were temporarily boosted because this September had five weekly employer withholding payments whereas last September only had four.

Down Adjustment

After adjusting for this extra payment, the GIT declined by an estimated 8.0% rather than increasing. Year-to-date, GIT collections of just under $2.4 billion are down 11.1%, or $297.3.

The Sales and Use Tax, the largest General Fund revenue source, increased 1.3% to $848.4 million in September, an increase of $11.0 million. But that growth was slower than the 2.9% increase in August. Due to the one-month lag in Sales Tax collections, September revenue reflects consumer activity in August.

The treasury said the slowdowns is due to federal stimulus programs, including the Paycheck Protection Program loans, individual Economic Impact Payments, and expanded unemployment insurance benefits pumped nearly $34 billion into the State’s economy through the end of July, declining. Officials expect this trend to continue also a new s federal stimulus deal is reached.

CBT Falls

The Corporation Business Tax (CBT), the second largest General Fund revenue source, reported $641.6 million in September, down 11.2% from the same month last year. Year-to-date, CBT collections of $784.2 million are down $148.5 million, or 15.9% below the same period last year.

Officials noted the CBT for Banks and Financial Institutions, one of the smaller General Fund revenues, declined significantly from last September, due to a large one-time payment of $130.0 million that was received in FY 2020.

Treasury is projecting FY 2021 collections to remain weak into the Winter months followed by a return to collection growth next Spring and Summer.

Daily Data

As of Oct. 23, the cumulative number of coronavirus cases in New Jersey reached 225,430 with 1,139 new cases and 11 new deaths, bringing that total to 14,484. The state probable death is 1,789, bringing the overall total to 16,273.

For North Jersey counties, Essex had a total of 194 new cases, Hudson 122 new cases, Bergen 93 new cases, Morris 61 new cases, Passaic 57 new cases, Sussex six new cases and Warren four new cases.

State officials noted 11 deaths occurred in the last 24 hours of reporting that have not yet been lab confirmed.  

Of the total confirmed deaths in North Jersey, Essex County has the most with 1,909, followed by Bergen at 1,814, Hudson with 1,368, Passaic at 1,120, Morris at 690, Sussex at 161 and Warren with 158.

In regards to probable deaths, Bergen has 242, Essex has 230, Hudson has 159, Morris at 144, Passaic at 141, Sussex has 36 and Warren has 13.

State Testing 

The daily rate of infections from those tested as of Oct. 18 was 5.3%. By region, the North has a rate of 6.2%, Central at 5.1% and the South at 3.7%. The state is no longer using serology tests as health officials explained those results show a past presence of the disease as well as a current one. 

As for the rate of transmission, it remained unchanged at 1.17 from the day before. Officials have continually cited transmission rate and positivity rate as health data they rely on to track how the coronavirus is being contained in New Jersey, guiding them in determining when restrictions have to be tightened or lifted.

Officials reported 874 patients are hospitalized; by region, there were 446 in the North, 213 in the Central and 215 in the South.

Of those hospitalized, 212 are in intensive care units and 73 on ventilators, while 104 patients were discharged.

Bergen Tops County Count

Bergen has the most cumulative cases in the state with 24,259, followed by Essex at 23,253, Hudson at 22,236, Middlesex at 21,415, Passaic at 20,264, Union at 19,252, Ocean at 16,358, Monmouth at 13,620, Camden at 11,115, Mercer at 9,072, Morris at 8,721, Burlington at 8,075, Somerset at 6,255, Gloucester at 5,327, Atlantic at 4,898, Cumberland at 3,945, Sussex at 1,651, Warren at 1,529, Hunterdon at 1,515, Salem at 1,153 and Cape May at 1,085.

Another 432 cases are still under investigation to determine where the person resides.

In regards to cases related to in-school transmissions, a total of 25 outbreaks involving 111 cases have been reported in nine of the 21 counties in the Garden State, up from 22 outbreaks involving 83 cases a week previous. For North Jersey, Bergen County has three confirmed outbreaks with nine cases, Passaic County has one confirmed outbreak with nine cases, Hudson County has one confirmed outbreak with four cases, and Sussex County has one confirmed outbreak with two cases. 

Long-term Care Facilities

Health officials noted 164 long-term care facilities are currently reporting at least one case of COVID-19, accounting for a total of 4,695 of the cases, broken down between 2,674 residents and 2,021 staff. 

Cumulatively, 789 long-term care facilities reported a case infecting 25,506 residents and 13,968 staff, for a total of 39,474 cases. 

The state’s official death total will now be reported as those that are lab confirmed, sits at 7,203 on Oct. 23. The facilities are reporting to the state 6,827 residents deaths and 121 staff deaths. 

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