New Jersey getting $900 million more in tax revenue
Nothing wrong with an extra $900 mil. Projections from the Office of Legislative Services show New Jersey will take in about $913 million more than expected in tax revenue through June 2012.
With that good news comes the reality that lawmakers will now have to decide how to spend that money.
NJ.com reports the figures will be presented today to the Assembly Budget Committee, and the report comes as Gov. Chris Christie faces the Supreme Court about whether his administration needs to provide an additional funding to the education budget.
The unexpected revenue comes from an income tax revenue increase, though all other tax revenues fell short of administration expectations. Business taxes, in particular, will be short by $252 million in the fiscal year beginning July 1.
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