Tue Apr 06, 2010 at 05:56:39 PM EDT
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This news from Bloomberg that the state will get about $250 million less in revenue than the Governor projected for this year and next is certainly going to turn the heat up on the budget hearings in Trenton:In the budget year ending June 30, New Jersey will collect $27.6 billion, about $82 million less than Christie projected March 16. The state will receive $28.1 billion, or about $168 million less than the governor anticipates in his $29.3 billion budget for next fiscal year, according to the forecast by David Rosen, legislative budget and finance officer. The biggest problem is the sales tax:This year, returns from the 7 percent sales tax are on track to generate $7.4 billion, about $153 million behind Christie's budget target, according to the report. In fiscal 2011 both Rosen and Christie project sales taxes will grow by 4.4 percent, including $64 million realized through the proposed repeal of Bergen County's "blue laws" that keep stores closed on Sundays, according to the report. This is a pretty significant development that is going to put even more pressure on both sides. The legislature to accept even more cuts and the Governor to accept increased taxes in including the tax on the super rich. Christie has already attempted to back off his proposal for the Blue Laws revenues, so that money will have to be made up for as well. We were already heading towards a showdown, but this looks like it could get ugly. The Assembly will hold its next budget hearing tomorrow. |
| Jason Springer :: NJ Tax revenues come in $250 million less than Christie projected |
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