What’s in NJ’s updated tax-collection forecasts? | NJ Spotlight News

Feb 29, 2024 · New budget projections made public Tuesday shaved roughly $500 million from the initial tax-collection forecast for the state’s current fiscal year budget. All of the top three …

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What’s In NJ’s Updated Tax-collection Forecasts? | NJ Spotlight News

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Feb 29, 2024 · New budget projections made public Tuesday shaved roughly $500 million from the initial tax-collection forecast for the state’s current fiscal year budget. All of the top three …

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NJ Tax Collections Grow, Not Enough To Close Structural Budget Gap

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Oct 17, 2024 · In all, state tax collections through July, August and September increased by about $335 million, or roughly 4%, compared to the same three months last year, the Department of …

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NJ Tax Revenues Take $2B Hit, Surplus Keeps Budget Balanced - PBS

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May 17, 2023 · The state will collect almost $2 billion less in taxes over the next couple of years than they originally forecast. Aired: 05/17/23 Rating: NR

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N.J. Budget Experts Expect Bigger Tax Windfall - New Jersey Monitor

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Apr 5, 2022 · The legislative budget analysts expect the corporate business tax to bring in $965 million more than Treasury officials project over the two fiscal years, while the pass-through …

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NJ Brims With Tax Revenues — And Spending Proposals | NJ …

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Jun 1, 2022 · Taxes on businesses, real-estate transactions The original revenue forecast for what’s known as the pass-through business alternative income tax, or PT BAIT, was $1.37 …

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FAQs about What’s in NJ’s updated tax-collection forecasts? | NJ Spotlight News Coupon?

What's going on with New Jersey's tax revenue?

For the second straight year, New Jersey is seeing a big surge in tax revenue that is fostering political disagreement over how the governor and lawmakers handle the budget and revenue forecasting. ...

Is New Jersey raising its FY21 and FY22 revenue forecasts?

Overall, we are raising our forecast for FY21 by $4.0 billion and our forecast for FY22 by $1.1 billion – compared to the levels presented in the Governor’s Budget Message back in February. New Jersey is not alone. States across the country are increasing revenue forecasts substantially. ...

How will a recession affect New Jersey's tax collections?

Koenig warned a recession could reduce New Jersey’s tax collections by billions. Administration and Office of Legislative Services officials both warned the state’s economic growth would slow as its economy emerged from its pandemic surge but said that would represent a return to normalcy more than an economic downturn. ...

Is New Jersey's budget tied to inflation?

“The two big things in New Jersey’s budget are income tax and sales tax, and those two are tied to inflation,” said Michael Lahr, distinguished research professor and director of Rutgers Economic Advisory Service. “They go up with inflation.” ...

Why did New Jersey stock prices rise?

The remarkable rise in U.S. stocks was also indicative of a strong rebound in corporate profits, which has provided one of the largest sources of revenue growth in New Jersey thanks to the state’s high corporation business tax. ...

Does New Jersey have a graduated income tax?

New Jersey uses a graduated income tax, which means residents shell out a larger percentage of earnings to the state as their incomes rise into higher tax brackets. If inflation pushes wages higher, it can sometimes result in a net loss to workers that are pushed into higher brackets. ...