NJ revenue collections lag; tax cut at risk

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.