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State Revenue Outlook Brightens, but Questions Loom Over Proposed Budget

May 15, 2024 |

Credit: NJGOV

New Jersey’s revenue outlook has brightened slightly heading into the final weeks of the current fiscal year, according to new tax collection forecasts released by the administration of Gov. Phil Murphy. 

In all, forecasters added about $60 million to the revenue projection for the current fiscal year, which closes June 30, state Treasurer Elizabeth Maher Muoio told lawmakers during a public hearing Tuesday (5/14).

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NJ SEED: The Murphy budget proposes to spend about $1.8 billion more than revenue projections produce. Key to closing the gap is the governor’s proposed increase tax on corporate profitability estimated to bring in $1 billion. That would still leave a hole of nearly another billion to be filled by the legislature along with the lawmakers’ own priorities. With only a few weeks left before June 30, there is much work to be done.

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