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Treasury raises FY25 forecast after strong April filings, warns of federal risks
Summary
Treasury told the legislative budget committee on May that stronger-than-expected April tax filings raise the FY25 revenue forecast to $55.3 billion and lift FY26 projections, but officials cautioned that corporate tax weakness and potential federal funding cuts leave risks to next years budget.
Treasury officials told the New Jersey legislative budget committee that April tax filings produced a material upward revision to this years revenue estimate but that federal funding uncertainty and trade risks temper the outlook.
"We now project $55.3 billion for the current fiscal year," the treasurer said, summarizing the May revenue update and noting the department raised the FY25 forecast by about $388.5 million and the FY26 forecast by about $323.2 million.
The upward revision is driven largely by stronger collections from the gross income tax and the pass-through business alternative income tax (PTBA). Treasury said PTBA performance accounted for roughly 90% of the difference between Treasury and the…
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