|
|
Article: N.J. Faces $1.2B Revenue Shortfall; Gross Income Tax Receipts Off $800M.(The Regions)
- Article from:
- The Bond Buyer
- Article date:
- May 6, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Michelle Kaske
New Jersey faces a revenue shortfall of more than $1.2 billion for fiscal 2009, with gross income tax receipts in April coming in $800 million below prior estimates, according to the state's Office of Legislative Services.
David Rosen, the OLS' budget and finance officer, yesterday sent a letter to Senate Minority Leader Tom Kean, R-Essex, detailing the office's latest revenue calculations, per Kean's request. The office now anticipates the state will collect more than $2 billion less revenue in fiscal 2009 and fiscal 2010 in comparison to executive budget estimates for the two years. Fiscal 2009 ends June 30.
"The OLS ...