New Jersey Gov. Jon Corzine announced Wednesday that the state faces a $5 billion deficit for fiscal 2010 and a $1.2 billion shortfall in the current fiscal budget due to underperforming income and sales tax revenues.

The lower-than-expected October revenues prompted officials to revise the fiscal 2009 budget shortfall from last month’s $400 million estimate. Individual income tax receipts were $115.9 million, or 14% below October targets, while sales tax revenue came in at $27.7 million, or 4% below projections for the month. Business tax receipts dropped as well, with the state collecting $29.7 million, or 15.7% fewer corporate tax receipts.

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