New Jersey Boosts Two-Year Revenue Forecasts by $5.1 Billion (1)

June 9, 2021, 3:49 PM

New Jersey expects revenue to be $5.1 billion higher than forecast over two fiscal years after “an April and May ‘surprise’ like none other,” Treasurer Elizabeth Maher Muoio said.

Gross income tax, sales tax and corporation business tax revenues all are now projected to hit historic highs, Muoio said in remarks prepared for lawmakers on Wednesday. The state is raising its forecast for fiscal 2021 by $4 billion and for 2022 by $1.1 billion, she said.

Elizabeth Maher Muoio
Photographer: Julio Cortez/AP Photo

Governor Phil Murphy, a Democrat running for a second term in November, hasn’t disclosed any plans for the unexpected cash. Alyana Alfaro, ...

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