New Jersey residents are fueling a surge in state tax revenues unlike any in modern history, and budget analysts are set to unveil another historic revenue update when they appear before state lawmakers in Trenton Monday.
New Jersey’s Office of Legislative Services will tell the state Senate Budget Committee it now expects the state to collect nearly $4 billion more than it estimated just last month for the current and upcoming fiscal years, according to an email obtained by NJ Advance Media. That will be followed by an update on tax collections and revenue estimates from state Treasurer Elizabeth Muoio.
“Over the two fiscal years combined, the OLS forecasts for all State revenues are about $3.7 billion higher than our estimates in April,” OLS Section Chief David Drescher said in an email to lawmakers on Friday. “This increase is primarily due to an unprecedented surge of payments in April from the Gross Income Tax.” Read More from NJ.com.