NJ gov says Sandy's effect on tax cut uncertain

New Jersey governor says Sandy's effect on revenues, tax cut plan uncertain

Associated Press

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.

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