New Jersey officials estimate the state may collect $606 million less in revenue than previously budgeted in fiscal 2009 and fiscal 2010 due in part to business tax refundings outweighing corporate tax receipts.

David Rosen, budget and finance director for the Office of Legislative Services, yesterday testified before the Senate Budget and Appropriations Committee that New Jersey's total revenues may come in $383 million and $223 million under previous projections for the current fiscal year, which ends June 30, and fiscal 2010, respectively. The OLS had six weeks of additional data beyond the Treasury Department's earlier calculations regarding fiscal 2010.

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