New Jersey could see $533M surprise boost in tax revenues

New Jersey’s budget analysts are projecting the state will get a surprise tax haul of about $484 million more than they expected this year, according to data from the nonpartisan state Office of Legislative Services obtained by NJ Advance Media.

The figures show the state can also expect $49 million more for the fiscal year that begins July 1.

The OLS report examining tax revenues backs up Gov. Phil Murphy’s administration, which teased higher-than-expected tax collections with announcements of plans to sock away money for a future downturn and offering to boost property tax relief if lawmakers support a millionaires tax.

OLS will present its estimates to the state Assembly on Tuesday morning. State Treasurer Elizabeth Muoio will give the Murphy administration’s revenue estimates in an afternoon presentation.

Read more: https://www.nj.com/politics/2019/05/nj-could-see-533m-surprise-boost-in-tax-revenues.html