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.
Lew Candura, the veteran chair of the Morris County Democratic Committee, will retire this year and back the organization's executive director, Chip Robinson, to serve as his successor.Read More >
Days Since Last Christie Press Conference (Jan. 9)
Bridget Anne Kelly’s attorney says lawmakers rushed to judgement An attorney for former top Gov. Chris Christie administration official Bridget Anne Kelly filed paperwork arguing his client shouldn’t have to comply with a legislative subpoena. The documents, filed by Kelly attorney Michael Critchley, argues lawmakers rushed to judgment...
By Suzanne M. Walters When unions representing local police and firefighters cannot agree to new contract terms with local governments, State law mandates that the parties submit to binding arbitration. A third-party referee, then, sets the... Read More >
"I can talk to folks on the corner, and I can talk to people in the boardroom." - Newark Mayoral candidate Ras Baraka- PolitickerNJ.com
Press releases are submitted by PolitickerNJ users, not by staff. They do not represent the viewpoint of PolitickerNJ.com.