Lawmakers told of disappointing April collections ahead of Treasury hearing

TRENTON – Assembly lawmakers are preparing to hear from Treasurer Andrew Sidamon-Eristoff on his agency’s fiscal year 2013 budget, though

TRENTON – Assembly lawmakers are preparing to hear from Treasurer Andrew Sidamon-Eristoff on his agency’s fiscal year 2013 budget, though disappointing April revenue receipts from income and corporate taxes will likely take center stage at the hearing. 

In a recent memo to lawmakers from the Office of Legislative Services, the nonpartisan office reported preliminary numbers show last month’s gross income tax and corporation business tax receipts fell short of Gov. Chris Christie’s projections.

“Based on our tracking, it appears that both the Gross Income Tax and the Corporation Business Tax underperformed OLS’ expectations for the month,” OLS’ Legislative Budget and Finance Officer David Rosen said in the email.

“Rather than increasing compared to last April as expected, both income tax and corporations tax revenues declined this April,” he wrote.

Rosen said detailed numbers should be released on or around May 14.

Assemblyman Vincent Prieto, (D-32), chairman of the Assembly Budget Committee, issued a statement on the e-mail just prior to this morning’s hearing.

”We still need to see the total and complete revenue picture, but at this point Gov. Christie’s so-called ‘New Jersey Comeback’ is a myth rather than reality,” said Prieto, calling for support for the Assembly Democrats’ 20 percent property tax credit plan.

“We know the governor’s failed policy of tax cuts for millionaires hasn’t improved our economy, so our plan is the right thing to do,” he said. 

Lawmakers told of disappointing April collections ahead of Treasury hearing