Truth in Accounting
New Jersey

TIA Data

2019 Financial State of New Jersey (Released 9/22/2020)

Use Create Your Own State Chart to see additional financial, demographic and economic data for this and other states

 
New Jersey owes more than it owns.
New Jersey's Taxpayer Burden™ is -$57,900, and it received an "F" from TIA.
New Jersey is a Sinkhole State without enough assets to cover its debt.
Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped.
TIA's Taxpayer Burden™ measurement incorporates both assets and liabilities, not just pension debt.
New Jersey only has $24.9 billion of assets available to pay bills totaling $214.5 billion.
Because New Jersey doesn't have enough money to pay its bills, it has a $189.6 billion financial hole. To fill it, each New Jersey taxpayer would have to send $57,900 to the state.
New Jersey's reported net position is understated by $26.4 billion, largely because the state delays recognizing gains resulting from decreases in retirement liabilities.
The state's financial report was released 274 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2018 Financial State of New Jersey

2017 Financial State of New Jersey

2016 Financial State of New Jersey

2015 Financial State of New Jersey

2014 Financial State of New Jersey

2013 Financial State of New Jersey

2012 Financial State of New Jersey

2011 Financial State of New Jersey

2010 Financial State of New Jersey

2009 Financial State of New Jersey

Other Resources

New Jersey Comprehensive Annual Financial Reports

Publishing Entity: Department of the Treasury: Office of Management and Budget

IN THE NEWS
CPAs tell New Jersey clients it’s time to move to lower-tax states, survey finds

JUNE 17, 2021 | CNBC | by Lorie Konish

By Lorie Konish, includes “… The survey found that CPAs are seeing more high-income clients leave the state. About 60% said they have seen more high-income clients file as New Jersey non-residents. At the same time, about 70% of CPAs said they saw a decrease in the number of high-income clients who have state residency. Popular locations for relocation include states where the cost of living and taxes are cheaper …” 

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