New Jersey Cuts Revenue Forecast by $2.3 Billion on Income Tax

New Jersey lowered its gross-income tax revenue forecasts by $2.3 billion.

In testimony before the Assembly budget committee in Trenton on Wednesday, Treasurer Elizabeth Muoio said that New Jersey expects $1.1 billion less for 2023 and $1.2 billion less for the fiscal year that starts on July 1.

April collections declined by 27%, more than double the original forecast, following last year’s record receipts. Muoio said “certain taxpayers realized income losses far exceeding expectations.”

Phil Murphy, governor of New Jersey

Photographer: Ting Shen/Bloomberg

New Jersey isn’t alone. New York, Illinois and California have also lowered their revenue projections as tax collections falter and federal stimulus runs out. Earlier ...