TRENTON - The state will be looking at a $600 million gap by the end of the month.
That gap is because one of the best months for tax collections has been seriously behind Gov. Chris Christie’s expectations.
The state Treasury Department said it is bracing for bad economic news for April, typically one of the best for reaping tax dollars, as residents file their yearly returns.
“April revenues for the sales and use tax, the gross income tax and the corporate business tax are anticipated to be approximately $600 million below budgeted expectations,” Treasury officials said in a statement.
State officials said their estimates were blown off course by the “fiscal cliff” agreement struck by Congress last year, explaining that New Jersey underestimated “the impact of the imposition of higher federal taxes at the end of calendar year 2012.”