Ranking Sales Taxes on the 2023 State Business Tax Climate Index
An ideal sales tax applies to a broad base of final consumer goods and services, with few exemptions, and is levied at a low rate.
5 min readHow does New Jersey’s tax code compare? New Jersey has a graduated individual income tax, with rates ranging from 1.40 percent to 10.75 percent. There is also a jurisdiction that collects local income taxes. New Jersey has a 6.5 percent to 11.5 percent corporate income tax rate. New Jersey has a 6.625 percent state sales tax rate, a max local sales tax rate of 3.313 percent, and an average combined state and local sales tax rate of 6.60 percent. New Jersey’s tax system ranks 50th overall on our 2023 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: How Does Your State Compare?
An ideal sales tax applies to a broad base of final consumer goods and services, with few exemptions, and is levied at a low rate.
5 min readBy letting the corporate surtax expire, eliminating taxes on GILTI, and embracing full expensing, New Jersey would take important steps toward creating a more welcoming and competitive tax environment.
6 min readIndividual income tax rates can influence location decision-making, especially in an era of enhanced mobility, where it is easier for individuals to move without jeopardizing their current job, or without limiting the scope of their search for a new one.
5 min readRecreational marijuana taxation is one of the hottest policy issues in the U.S. Currently, 21 states have implemented legislation to legalize and tax recreational marijuana sales.
5 min readThe overall U.S. tax and transfer system is overwhelmingly progressive, and understanding the extent—and source—of that progressivity is essential for lawmakers considering the trade-offs associated with each tax policy decision.
23 min readAs housing prices are rapidly increasing, and property tax bills along with them, the property tax has come into the spotlight in many states. The design of a state’s property tax system can affect how attractive that state is to businesses and residents.
9 min readFacts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min readA growing number of cities, in red states like Arkansas and Texas, blue states like California and New Jersey, and purple states like Georgia and Nevada, have pursued streaming taxes in recent years.
7 min readIndividual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections:
9 min readIf your state issued tax rebates last year, you might have to pay federal income tax on the rebate you received. Maybe. Who knows? Unfortunately, not the IRS—at least not yet.
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