PLAN TO BALANCE STATE BUDGET BY END OF FISCAL YEAR RELEASED

The State Treasurer Andrew Sidamon-Eristoff unveiled a number of cutes and changes that the Gov. Chris Christie administration believes will balance the budget before the end of the fiscal year. A shortfall has been projected and the governor’s office is proposing $303 million in cuts to help deal with the revenue shortfall. Those cuts are planned out of businesses development grants, and raiding the disability benefit fund. The shortfall was created, in part, to a lack of understanding of the New York tax laws, where people who work in New York and live in New Jersey pay taxes to New York and can write off some of their income in New Jersey. The “millionaire’s tax” figures from last year did not properly look at that law.