Treasurer recommends boosting Homestead credits with income tax windfall

Treasurer Andrew Sidamon-Eristoff gave a hint into the thinking of the Christie administration Tuesday when he told the Assembly Budget committee that a boost in projected income tax revenue is not a license to begin spending.

With the additional revenue Sidamon-Eristoff said the administration recommends increasing the proposed pension payment, increasing the Homestead Benefit fund by $225 million in fiscal year 2012, and shoring up the state’s surplus fund, which is projected at just 1 percent of the overall $30 billion budget.

The positive revenue projections, which he described as a stabilization, are not “a license to start spending again,” the treasurer said.

“We are a long way from being out of the woods,” he said.  “Happy days are not here again…Caution and discipline must temper revenue forecasts, or the state risks building expectations for higher spending that cannot be sustained,” he said. 

http://www.politickernj.com/47764/treasurers-income-projections-more-conservative-ols

Treasurer recommends boosting Homestead credits with income tax windfall