Two Very Different Pictures Of NJ Tax Revenue

(CBS) - The New Jersey Assembly Budget Committee heard from one of the state's top revenue officials about cash flow into government coffers, and got two very different pictures on how much money is actually on-hand right now.

The state treasurer, who answers to the Governor, issued a press release last month indicating collections from the gross income tax were up about 11%. But David Rosen, the Legislative Budget Officer, suggests cash in hand from that tax is actually down 1% given the expiration of the so-called "millionaire's tax." And revenue projections differ by about $400 million right now.

But, Rosen says, all those numbers are just talk, "If the treasurer ends up revising upward their estimate for this year, assuming their 11% is real growth above expectations, then there would be a significant difference."

Not to mention potential problems in drawing up next year's budget. All this could be clarified later this month, when Governor Chris Christie lays out his next budget to the legislature.

Reported by David Madden, KYW Newsradio 1060