Voters in Four States to Vote on Recreational Marijuana
Legalizing recreational marijuana is a hot topic in many states where the state budgets are in disarray because of the coronavirus pandemic and new revenue sources are being sought.
7 min read
New Jersey Tax Rates, Collections, and Burdens
How does New Jersey’s tax code compare? New Jersey has a graduated state individual income tax, with rates ranging from 1.400 percent to 10.750 percent. There is also a jurisdiction that collects local income taxes. New Jersey has a graduated corporate income tax, with rates ranging from 6.5 percent to 9.0 percent. New Jersey also has a 6.625 percent state sales tax rate and an average combined state and local sales tax rate of 6.60 percent. New Jersey has a 2.08 percent effective property tax rate on owner-occupied housing value.
New Jersey has an inheritance tax. New Jersey has a 42.4 cents per gallon gas tax rate and a $2.70 cigarette excise tax rate. The State of New Jersey collects $8,308 in state and local tax collections per capita. New Jersey has $10,731 in state and local debt per capita and has a 54 percent funded ratio of public pension plans. Overall, New Jersey’s tax system ranks 50th on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and New Jersey is no exception. The first step towards understanding New Jersey’s tax code is knowing the basics. How does New Jersey collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures 2024: How Does Your State Compare?
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