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?”
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.