State tax collections are growing at an unprecedented rate and a portion of the windfall appears likely to be used to provide more direct tax relief to residents.
State officials anticipate adding hundreds of millions of dollars to the state’s revenue forecast, but the good news for the budget will have to wait a few weeks because the tax filing deadline had been delayed to Monday, a month later than usual.
The Murphy administration forecasts that it will end the current fiscal year with a combined surplus of $6.34 billion, but its 2022 spending plan uses much of that to offset spending.
Gasoline sales continue to decline in New Jersey, raising the possibility of another gas-tax hike this fall. The Murphy administration thinks it can be avoided.