Lagging N.J. tax revenues jeopardize Christie income tax-cut plan, Democrats say

New Jersey tax collections are below the projections made by the Christie administration.

The latest figures from the New Jersey Treasury Department show April revenues were down $60 million from a year earlier. While collections for the first 10 months of the fiscal year have increased by $500 million, they’re still $230 million behind what the administration forecast in February.

Assembly Speaker Sheila Oliver says that could jeopardize Gov. Chris Christie’s proposal for a 10 percent income tax cut.

“If, in fact, these revenue shortfalls are substantiated, he does not have the money to do a 10 percent across-the-board income tax cut,” said Oliver, D-Essex. “Where does he get the money to do that?”

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Oliver says Assembly Democrats still are pushing for a property tax credit with a tax surcharge on millionaires to help pay for it. Senate Democrats have offered yet another proposal for a property tax credit.

Christie repeatedly has said he won’t support any tax increase.

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