Treasury: NJ revenues off $426M through 6 months

    Revenue collections in New Jersey are $426 million below the budgeted amount through the first half of the fiscal year.

    A report released Tuesday by the state Treasury Department shows tax and fee collections for December exceeded the budgeted amount by $25 million. But revenues remain off 4 percent for the fiscal year.

     

    Gov. Chris Christie’s $31.7 billion annual budget relied on revenue growth of more than 7 percent for the year, the highest forecast of any state in the nation. So far, collections of income, sales, corporation business and other taxes have not neared the amount projected.

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    The sales tax is off by $189 million for the year so far.

    The shortfall could necessitate midyear budget cuts to keep the state’s budget in balance as required by law.

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