N.J. projecting hike in tax revenue
New Jersey is one of only nine states predicting tax revenue increases of more than 5% this fiscal year, with the state’s projection of 8.6% for five major tax streams the third highest growth anticipated in the nation, an analysis released Wednesday shows.
Only Delaware and California predicted a higher increase in tax revenue from 2012 fiscal year levels, each anticipating 10% growth, according to the report released by the National Conference of State Legislatures, a government association.
New York and Connecticut predicted more modest tax revenue growth at 3.2% and 4.1%, respectively.
New Jersey Democrats have criticized Gov. Chris Christie for unrealistic revenue predictions in this year’s budget and haven’t yet implemented a property tax credit the Republican governor has pushed. The stalemate on one of Christie’s signature pledges has resulted in an escalating war of words between both sides. (Haddon, The Wall Street Journal)
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