New Jersey’s Sales Tax Collections Dropped a Record 29% in May

New Jersey’s sales-tax collections dropped by a record 29% in May from a year earlier, a bigger decline than the worst month of the Great Recession, according to the state treasury department.

The number reflect April, the first full month of the coronavirus shutdown, as sales taxes report on a one-month lag.

To contact the reporter on this story:
Stacie Sherman in Princeton at sbabula@bloomberg.net

To contact the editors responsible for this story:
Flynn McRoberts at fmcroberts1@bloomberg.net;
Rakshita Saluja at rsaluja4@bloomberg.net

© 2020 Bloomberg L.P. All rights reserved. Used with permission.