TRENTON - In its own analysis of Treasury revenue figures, the Office of Legislative Services said today that total major revenues for the month of January rose by more than 10 percent, largely due to increases in income tax and sales tax revenues.
While calling that a positive development, OLS pointed out that the revenue growth “continues to lag the certified year-end growth target of 8.3%.”
OLS said that each of the major revenues will need to go up by 13 percent in order to reach that goal.
In December and January, gross income tax receipts rose nearly 20 percent. It attributes much of the increase to:
1) a timing shift of bonus payments into December;
2) growth in estimated payments due to the federal tax law changes; and
3) the shift of one week’s withholding collections from February last year into January this year (worth between $120 million-$150 million).
OLS also reported corporate business tax revenue “remains well below the 26.3% growth rate required” to meet the Christie Administration’s goals of salubrious revenue growth.
In the event that state Sen. Diane Allen (R-7) doesn't run for re-election in 2017, the party has a short list of possible candidates it could field to try to head off either Assemblyman Herb Conaway (D-7) or Assemblyman Troy Singleton (D-7).Read More >
With looming deadline on bail reform, Christie calls Legislature into special session TRENTON - Gov. Chris Christie is calling the legislature into special session Thursday to address recent bail reform legislation before a looming deadline next week, according to a letter from the governor’s office today. (Brush/PolitickerNJ)...
By Linda Stender At his most recent town hall, Gov. Chris Christie accused his predecessors of "monkeying with the math" when it comes to their handling of our state's economy. But as the old saying goes, when the governor points a finger, he... Read More >
"Assembly Speaker Vincent Prieto, a Hudson County Democrat, is balking. He claimed Tuesday that members of his caucus are divided over the measure and that his house is in no real rush – besides, even if enacted this year, the reforms would not take effect until 2017, he said. And with the growing belief that Christie could skip town to run for president, some Democrats are not eager to give him another talking point for his résumé. Christie’s plans to stump for Republican candidates in New Hampshire later Thursday only fuel that suspicion." - columnist Charles Stile- The Bergen Record
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