Weekly Advance: Week of May 21

TRENTON – Let the wrangling begin.

The Office of Legislative Services and the state Treasurer will deliver updated revenue figures to the Assembly Budget Committee Wednesday, which, in addition to igniting some debate over whose numbers are better, will give an all-important glimpse into the numbers likely to be certified by the administration.

News of disappointing returns the prior week, namely the $230 million shortfall acknowledged by the Department of Treasury on May 15, steered conversation from discussion on whose tax cut/credit plan is best to, simply, the question: will the state be able to afford tax relief without trimming back on other areas in the budget?

Gov. Chris Christie’s tax cut plan would offer an across the board 10 percent income tax cut, while Senate President Steve Sweeney has proposed a 10 percent credit on the first $10,000 of property taxes paid for taxpayers earning $250,000 or less.

Meanwhile, Assembly Democrats proposed a 20 percent credit on property taxes paid and will support the extra cut by instituting an additional tax on incomes over $1 million.

Earlier last week, Sweeney and Christie were reportedly prepared to announce a deal that would have included Sweeney’s 10 percent credit, but with an income threshold of $400,000.  That deal also reportedly included the restoration of the earned income tax credit to 25 percent of the federal credit, up from its current level of 20 percent.

Sources in both houses of the Legislature said last week that the potential for a tax cut is still alive, if on life support, as is the possibility of a deal with the administration – but how will Wednesday’s numbers change the end game?

Here’s what we do know.

— The state’s April revenue was below the governor’s targets and the Office of Legislative Services is warning lawmakers revenues are less even rosy than predicted.

— Senate and Assembly Democrats have been hammering away at the governor over the last week, calling into question his touted “New Jersey Comeback.”

But more to the point, batting practice is over, the games begin.

Week of May 21

 

Monday, May 21 

Gov. Chris Christie

Not yet scheduled

Lt. Gov. Kim Guadagno

Not yet scheduled

Legislature

Senate

10 a.m., Senate Judiciary Committee, Room 4, Statehouse Annex, Trenton

Assembly

10 a.m., Assembly Budget Committee (Budget Hearings Only), Topics: Department of State, EDA, NJSEA, Room 11, Statehouse Annex, Trenton

10 a.m., Assembly Judiciary Committee, Room 12, Statehouse Annex, Trenton

1 p.m., Assembly Human Services Committee, Room 16, Statehouse Annex, Trenton

2 p.m., Assembly Appropriations, Room 11, Statehouse Annex, Trenton

2 p.m., Assembly Commerce and Economic Development, Room 15, Statehouse Annex, Trenton

2 p.m., Assembly Environment and Solid Waste, Room 9, Statehouse Annex, Trenton

Boards and Commissions

10:30 a.m., Delaware River Joint Toll Bridge Commission, Administration building, 2492 River Road, New Hope, Pa.

7 p.m., Atlantic Coast Shellfisheries Council Meeting, Nacote Creek Law Enforcement Office, 360 New York Rd., Port Republic

Daily Events

8 a.m., Poverty Summit, Anti-Poverty Network of New Jersey, War Memorial, George Washington Ballroom, One Memorial Drive, Trenton

4 p.m. – Lt. Governor’s NJ Resource for Business Growth Event hosted by the New Jersey Chamber of Commerce, The College of New Jersey, Social Science Building Atrium, Ewing

 

Tuesday, May 22

Gov. Chris Christie

Not yet scheduled

Lt. Gov. Kim Guadagno

Not yet scheduled

Legislature

Senate

Nothing scheduled

Assembly

Nothing scheduled

Boards and Commissions

10 a.m., New Jersey Epilepsy Task Force Public Hearing, Department of Human Services, Conference Room 199A&B, 5 Commerce Way, Hamilton

Daily Events

8:30 a.m., New Jersey Chamber of Commerce Breakfast Roundtable with Assembly Majority Leader Lou Greenwald and Assembly Minority Leader Jon Bramnick, Forsgate Country Club, 375 Forsgate Drive, Monroe

8:30 a.m., New Jersey Business and Industry Association NJ Economic Policy Summit, C-Suite Survey of NJ CEOs, Bloustein School, 33 Livingston Ave., New Brunswick

 

Wednesday, May 23

Gov. Chris Christie

Not yet scheduled

Lt. Gov. Kim Guadagno

Not yet scheduled

Legislature

Senate

Nothing scheduled

Assembly

10 a.m., Assembly Budget Committee (Budget Hearings Only), Topic: Revenue Update, Room 11, Statehouse Annex, Trenton

1 p.m., Assembly Budget Committee (Budget Hearings Only), Topic: Revenue Update (State Treasurer), Room 11, Statehouse Annex, Trenton

Boards and Commissions

10:30 a.m., Board of Public Utilities, Rm. 16, Statehouse Annex, Trenton

Daily Events

8 a.m., New Jersey Chamber of Commerce Business Day – SBA Awards Luncheon, Networking Expo, Rebranding Seminar, New Jersey Convention and Exposition Center at Raritan Center, 97 Sunfield Ave., Edison

 

Thursday, May 24

Gov. Chris Christie

Not yet scheduled

Lt. Gov. Kim Guadagno

Not yet scheduled

Legislature

Senate

10 a.m., Senate Budget and Appropriations Committee (Budget Hearings Only), Topic: Revenue Update (Office of Legislative Services), Room 4, Statehouse Annex, Trenton

1 p.m., Senate Budget and Appropriations Committee (Budget Hearings Only), Topics: Revenue Update (State Treasurer), Room 4, Statehouse Annex, Trenton

2 p.m., Senate Session, Senate Chambers, Statehouse, Trenton

Assembly

TBA, Assembly Session, Assembly Chambers, Statehouse, Trenton

Boards and Commissions

Daily Events

9:30 a.m., New Jersey Commission on Environmental Education and Interagency Work Group Meeting, New Jersey DEP, 401 East State St., 1st Floor, Trenton

 

Friday, May 25

Gov. Chris Christie

Not yet scheduled

Lt. Gov. Kim Guadagno

Not yet scheduled

Legislature

Senate

Nothing scheduled

Assembly

Nothing scheduled

Boards and Commissions

Daily Events

 

 

 

Weekly Advance: Week of May 21