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NJ revenue collections lag; tax cut at risk

Gov. Christie is unlikely to agree to any tax increases, but foregoing the annual payment into the state pension system is not an option, due to legal requirements.

By Angela Delli Santi | Updated on January 04, 2013

TRENTON, N.J. (AP) — New Jersey has collected $451 million less in taxes and fees than it anticipated through November, jeopardizing Gov. Chris Christie’s tax cut proposal and increasing the likelihood of midyear budget cuts, a legislative budget analyst said Thursday.

The state’s major revenue streams are anemic five months into the fiscal year and the sales tax is particularly lethargic, accounting for $179 million of the shortfall, David Rosen told the Senate Budget Committee. If the essentially flat growth rate seen since July 1 continues through June, more than $2 billion in late-year budget cuts would be needed.

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