A key New Jersey Senate committee yesterday voted to repeal nearly $3 billion of taxes, even as new projections released this week predict the state's fiscal 1992 budget gap will reach at least $700 million.

The 5-to-1 vote by the Revenue, Finance and Appropriations Committee came amid a continuing boycott of the session by the panel's three Republicans, who consider the tax rollback a political ploy by lame-duck Democrats, Senate sources said.

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