New Jersey could see a surge in sales tax revenues
(The Center Square) – New Jersey’s fiscal picture is “positive and improving” following the grim predictions officials offered amid the depths of the COVID-19 pandemic.
State Treasurer Elizabeth Maher Muoio told members of the state Assembly Budget and Appropriations Committee that tax revenues are on the rise in the Garden State.
“Treasury is confident that the overall revenue forecasts will increase by hundreds of millions of dollars due to the federally-induced surge in consumer spending,” Muoio told lawmakers, according to a transcript.
“Our Sales Tax forecast, for example, is likely to rise by at least several hundred million in FY2021 alone,” Muoio added. “So, all in all, the revenue outlook for the remainder of the current fiscal year and going into FY22 is positive and improving.”
The state is more than $44 billion in bonded debt, and some business leaders and lawmakers have urged the state to use its budget surplus to reduce its debt.
State Sen. Steven Oroho, R-Sussex, said Muoio’s testimony shows Gov. Phil Murphy’s administration has “misled” the public about the Garden State’s finances.
“Governor Murphy and Treasurer Muoio sold the New Jersey Supreme Court on a doom-and-gloom budget scenario last fall to gain approval for their unnecessary borrowing plan,” Oroho, the Senate Republican budget officer, said in a statement. The “revenue update by the treasurer is more proof that the administration severely misled the public, legislators, and the courts about New Jersey’s finances.”
Disclaimer: This content is distributed by The Center Square
