NJ Faces Projected $767M Shortfall

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    Harvard alum gives school record $125 million for new bioengineering school.

    New Jersey is facing a projected $767 million shortfall over the next 13 months, mainly because of lagging income tax collections.

    An internal memo obtained by The Star-Ledger and The Record Statehouse Bureau estimates the state will have $402 million less in revenue this fiscal year, which ends June 30, and will be short $365 million for next year.

    The figures from the nonpartisan Office of Legislative Services mean Gov. Chris Christie will have to make additional cuts.

    According to the memo, income tax collections were off by $280 million this year and could be down $145 million next year. The sales tax also is expected to generate less than projected.

    State Treasurer Andrew Eristoff is scheduled to testify before the Senate Budget Committee Tuesday.