The revenue New Jersey collects from April income-tax returns is always crucial for the state budget, but a new report from a top Wall Street credit-rating agency suggests the stakes are even higher for Gov. Phil Murphy’s administration this year.
Issued yesterday by Moody’s Investors Service, the detailed summary of New Jersey’s current revenue outlook says significant ground has to be made up in some of the state’s largest sources of tax dollars by the end of June to avoid a running shortfall for the current fiscal year.
In particular, the report says income tax receipts need to rise by 17 percent, before adding that “it is uncertain whether New Jersey will achieve that growth.”
Read the full report here.