New Jersey faces a revenue shortfall of more than $1.2 billion for fiscal 2009, with gross income tax receipts in April coming in $800 million below prior estimates, according to the state's Office of Legislative Services.

David Rosen, the OLS' budget and finance officer, yesterday sent a letter to Senate Minority Leader Tom Kean, R-Essex, detailing the office's latest revenue calculations, per Kean's request. The office now anticipates the state will collect more than $2 billion less revenue in fiscal 2009 and fiscal 2010 in comparison to executive budget estimates for the two years. Fiscal 2009 ends June 30.

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