State Tax Collections: T09 General Sales and Gross Receipts Taxes for New Jersey
QTAXT09QTAXCAT3NJNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,352.00
Year-over-Year Change
10.66%
Date Range
1/1/1994 - 1/1/2025
Summary
This trend measures New Jersey's general sales and gross receipts tax collections, a key indicator of consumer spending and economic activity in the state.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
General sales and gross receipts taxes are a major revenue source for state governments. This data provides insights into consumer demand, inflation, and the overall health of New Jersey's economy.
Methodology
The data is collected by the U.S. Census Bureau through quarterly surveys of state tax authorities.
Historical Context
Policymakers and economists use this metric to evaluate New Jersey's fiscal conditions and economic performance.
Key Facts
- New Jersey collected $11.2 billion in general sales and gross receipts taxes in 2021.
- Sales taxes account for over 30% of New Jersey's total state tax revenue.
- General sales tax rates in New Jersey range from 6.625% to 8% depending on location.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total general sales and gross receipts tax collections for the state of New Jersey. It provides insight into consumer spending and economic activity in the state.
Q: Why is this trend relevant for users or analysts?
A: This data is important for evaluating New Jersey's fiscal health, consumer demand, and overall economic performance. It helps policymakers and economists understand trends in the state's economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through quarterly surveys of state tax authorities.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess New Jersey's fiscal conditions, consumer spending patterns, and overall economic activity. It informs policy decisions related to taxation, budgeting, and economic development.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Census Bureau, with a typical 3-month lag. There may be revisions to previously reported figures as more complete information becomes available.
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Citation
U.S. Federal Reserve, State Tax Collections: T09 General Sales and Gross Receipts Taxes for New Jersey (QTAXT09QTAXCAT3NJNO), retrieved from FRED.