Business Report: State revenues rise, cannabis questions

NJ's revenue collections rose in January but are expected to moderate in coming months

Rhonda Schaffler, Business Correspondent | February 15, 2023 | Business Report, Business

New Jersey’s revenue collections rose in January but the Department of Treasury expects tax collections to moderate in the coming months. In the fiscal year to date, collections are up 3.4% over the same period last year. In January, there was a slight drop in income tax collections but sales and corporate business tax collections increased. And for the fourth month in a row, revenues on realty transfer fees dropped, reflecting a challenging housing market.

The Cannabis Regulatory Commission has been holding public hearings to consider how the state should spend the revenue made from legal cannabis sales. A new Rutgers-Eagleton poll asks New Jerseyans for their thoughts on where those cannabis funds should be invested. Priorities listed by residents include affordable housing development; transportation and infrastructure; and funding police, courts and prisons.

According to a poll by Fairleigh Dickinson University, most residents want changes to New Jersey’s law plastic bag ban. The survey of 808 adults found 40% want to keep the ban as is, but 59% want the law either changed or overturned completely. State lawmakers are considering tweaking the ban; a bill has been introduced in the Legislature to make some changes that include bringing back paper bags for a set time.