The New Jersey Treasury Department released its updated revenue figures for April 2023, showing a steep decline in collections compared to last year, flashing warning signs of lower revenue in the months to come. In response to the newly released revenue figures and this week’s Treasury testimony before the Assembly Budget Committee, New Jersey Policy Perspective released the following statement.

Peter Chen, Senior Policy Analyst, NJPP:

“The latest Treasury report’s decline in tax collections highlights the need for the state to shore up its revenues, not slash taxes for wealthy corporations. Based on these figures, NJPP expects that tomorrow’s Treasurer presentation on the upcoming budget will show a substantial decline of over $1 billion in anticipated surplus for the next fiscal year. This makes it exactly the wrong time to hand a $1 billion check to historically undertaxed and profitable corporations, at the expense of New Jersey’s infrastructure, schools, and communities. Without diversifying and strengthening the state’s revenue sources, New Jersey runs the risk of undermining its recent investments with big budget cuts if faced with even a small economic downturn.”