Corzine's income fell in '06

TRENTON - Multimillionaire New Jersey Gov. Corzine earned about $6.1 million during his first year as governor, nearly $50 million less than what he earned in 2005, according to income tax estimates released yesterday by his office.

Corzine filed for an extension to file his actual income tax returns, a customary move for the former Goldman Sachs chairman whose finances are complicated by numerous investments.

Corzine had until yesterday either to file his return or seek an extension under an extended filing period authorized by the Internal Revenue Service for people living in areas hit by the recent nor'easter.

The estimates released by his office show Corzine earned about $50 million less in 2006 than he did in 2005, when he was a U.S. senator. Corzine became governor in January 2006.

The figures show he paid $1.13 million in federal income taxes and $550,000 in state income taxes last year, or $1.68 million total.

Corzine paid about $13 million in total income taxes in 2005, when he earned $55.9 million largely by selling 400,000 shares in Goldman Sachs, the global finance firm he led from 1994 to 1999. Corzine earned $11.8 million in 2004.

Corzine can earn $175,000 a year as governor, but accepts only $1.

Corzine spokesman Anthony Coley said Corzine made his money last year from an array of sources, including stocks, bonds and real estate.

While financial disclosure reports are required by law for elected officials, Corzine isn't required to release income tax returns. Corzine's office released estimates yesterday in response to a request from the Associated Press.