New Jersey Reports & Information

NEWS & MEDIA


The Latest News from CTJ's Tax Justice Blog

New Jersey
By the Numbers

New Jersey Below is a snapshot of key features of New Jersey's tax system. (Scroll Down)
State & Local Revenue (FY10)
  • General Revenue, Own-Source (GROS): $67.5 billion
  • General Revenue as a Share of Income: 15.4%
  • Tax Revenue: $51.1 billion
  • Tax Revenue as Share of income: 11.7%
  • Personal Income Tax (Share of Tax Revenue): 20.2% (31 out of 51)
  • Corporate Income Tax (Share of Tax Revenue): 4.0 % ( 10 out of 51)
  • Sales & Excise Tax (Share of Tax Revenue): 22.4 % ( 45 out of 51)
  • Property Tax (Share of Tax Revenue): 48.4 % ( 2 out of 51)
  • Other Taxes (Share of Tax Revenue): 3.8 % (34 out of 51)
Personal Income Tax Features (2012)
  • Range of Tax Rates: 1.4% - 8.97%
  • Standard Deduction: None
  • Personal Exemption: $1,000
  • Dependent Exemption: $1,500
  • Earned Income Tax Credit (EITC): 20% Refundable
Corporate Income Tax Features (2012)
  • Range of Tax Rates: 9.00%
  • Income Level at Which Top Rate Applies: All
  • Combined Reporting: No
  • Apportionment Factor (Payroll): 5%
  • Apportionment Factor (Property): 5%
  • Apportionment Factor (Sales): 90%
  • Apportionment Note: Single Sales Factor phasing-in, will be fully implemented in 2014
Sales Tax Features (2012)
  • State Sales Tax Rate: 7.00%
  • Average Local Sales Tax Rate: N/A
  • Average Combined State & Local Sales Tax Rate: 7.00%
  • State Sales Tax Treatment of Groceries: Exempt
  • Local Sales Tax Treatment of Groceries: N/A
  • Number of Services Taxed: 11 out of 168 surveyed (2007)
  • Streamlined Sales Tax Membership: Full
  • Sales tax applies to digital goods and services
  • Sales tax applies to digital goods and services
Property Tax Features (2012)
  • Provides a circuit breaker for homeowners and renters of all ages
  • Comparatively high property taxes.
  • Property taxes capped at 2%.
Other Tax & Revenue Features (2012)
  • Gasoline Tax Rate (per gallon): $0.145
  • Diesel Tax Rate (per gallon): $0.175
  • Cigarette Tax Rate (per pack): $2.70
  • Estate or Inheritance Tax: Yes
  • Net Lottery Sales Per Capita: $280 (2010)
Tax Policy Oversight
  • Tax Expenditure Report: Yes, but excludes at least one major tax
  • Tax Incidence Analysis Capability: Personal income tax only

Last Updated October 4, 2012

Sources & Glossary