Key difference between OLS, Administration revenue forecasts: income tax

TRENTON – Much of the difference in the revenue projections for fiscal year 2013 between the Christie Administration and the Office of Legislative Services comes from the different forecasts in the collection of the gross income tax.

While the Christie Administration is predicting $11.837 billion in income tax revenues for fiscal year 2013, the OLS is predicting $11.529 billion. OLS Budget Officer David Rosen testified this morning before the Senate Budget Committee.

Rosen did point out that OLS almost always predicts lower revenues than the administration does.

OLS is projecting slightly smaller growth in revenues for fiscal year 2013 than the administration is on corporation business taxes and realty transfer fees.

OLS is actually projecting $17.7 million more in sales tax revenue than the administration, for a total of $8.467 billion.

Rosen said that the OLS is projecting $2.49 billion in corporation business tax revenues, about $76 million less than the amount projected by the administration.  

Earlier story:

OLS tells Budget panel it foresees $500m shortfall

 

Key difference between OLS, Administration revenue forecasts: income tax