State continues to be faced with falling revenues from COVID-19

Rhonda Schaffler, Business Correspondent | June 12, 2020 | Business Report, Coronavirus in NJ

New revenue numbers from the state Treasury Department show just how much business closures are impacting the state’s finances. Total revenue collections dropped by 13.5% in May and are now down 8.5% for the current fiscal year. Business tax collections tumbled sharply and sales tax revenue also took a big hit in May.

Casinos are still losing revenues due to their closures, so lawmakers are advancing bills to give the casinos tax breaks. Lawmakers want to avoid a repeat of what happened during the Great Recession when several casinos went out of business.

An enterprising Rutgers University grad has come up with a way to help small businesses. Eddy Yeung, a computer science major, and two designers created SaveTheGarden. You can buy gift cards from restaurants and shops in every county in New Jersey, providing them with some much needed cash.