Christie faces hurdles over NJ state budget plan
Governor Christies new state budget will likely feature a down payment on his signature income tax cut but he also needs to pay for other promises, including more money for transportation, public employee pensions and last years business tax cut.
And he must come up with another $300 million about twice what his income tax may cost in the budget to pay down debt thats left over from the last time New Jersey cut income taxes.
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If Christie spreads that first installment of the income tax cut out equally over three calendar years, the new budget will need about $150 million to offset the lost revenue, non-partisan legislative budget analysts reported earlier this month.
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But that loss of income tax revenue would hit a budget that also has to absorb Christies prior commitment to increase the annual payment into the state pension system.
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http://www.northjersey.com/news/state/BUDGETBUSTERS0213.html