Lawmakers Debate How To Spend Projected NJ Tax Revenue Jump
TRENTON, NJ (CBS) – New Jersey is taking in more revenue from its various taxes. How much more depends on who you talk to. And there’s already talk on what to do with that extra money.
The Office of Legislative Services projects an extra $913-million through fiscal 2012, mostly from a big bump in income taxes as the economy recovers. Governor Chris Christie’s financial team sees an extra $511-million.
Treasurer Andrew Sidamon-Eristoff makes a more cautious projection given the shaky nature of that recovery, “I’ve described what I perceive to be a stabilization of our revenue base. But it’s not license to start spending again.”
Members of the Assembly Budget Committee are talking about increasing homestead rebates above the doubling planned by the administration and making more aid available to municipalities. The administration would like to see a reduction in pension debt.
Reported by David Madden, KYW Newsradio 1060