Bump in Near-Term NJ Tax Revenues, Fiscal Experts Forecast

April 2, 2025 | njspotlightnews.org

The Legislature’s nonpartisan budget experts are predicting state government will see a modest tax windfall by the time the current fiscal year comes to a close at the end of June.

In all, a new forecast released Tuesday by the Office of Legislative Services adds more than $450 million to a projected bottom line for the 2025 fiscal year put forward by Gov. Phil Murphy’s administration in late February.

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NJ SEED: In a timely forecast, OLS finds nearly half a billion dollars additional revenue to be realized in FY 2025. This may be of some help to the legislators who are now considering the Governor’s proposed budget for FY 2026. Meanwhile the volatility and uncertainty surrounding the Trump Administration’s restructuring the economy will impact the state’s fiscal future. But by how much?