NJ gov says Sandy's effect on tax cut uncertain
LINCROFT, N.J. (AP) — New Jersey Gov. Chris Christie says it's too early to tell whether Superstorm Sandy has KO'd his proposal to give residents a 10 percent tax cut.
Christie says he expects revenues for October and November to be off because of the storm. But he says the state could see a revenue bounce once rebuilding begins in earnest.
The Republican has been pushing for a phased-in tax cut that would start in January.
He says the budget had enough cushion before the storm to enact the tax cut.
Democrats who lead the Legislature have insisted on a wait-and-see approach to determine whether the state can afford the loss of revenue that would result from a tax cut.
Revenue collections so far this fiscal year have not matched the governor's targets.
