Brace yourself, Jersey. Higher taxes possible as tough state budget ...

Jan 28, 2024 · Brace yourself, Jersey. Higher taxes possible as tough state budget looms. Updated: ; Jan. 31, 2024, 12:17 p.m. | Published: ; Jan. 28, 2024, 8:30 a.m.

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Democrats Rush $54.3B Budget With No Public Scrutiny

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Jun 29, 2023 · It must be signed into law by Gov. Phil Murphy before July 1 to avoid a government shutdown. Legislators, with all 120 seats up for election in November, rushed to double the …

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Budget Breakdown: Good News Now, But Trouble Ahead? - New …

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Jul 29, 2021 · This budget may not be sustainable because it spends $4.3 billion more than the state collects. That ugly structural imbalance is about 9% of the current budget total and is …

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2023 NJ State Budget | New Jersey League Of Municipalities - NJLM

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The $48.9 billion spending plan includes a record proposed surplus of $4.2 billion, nearly twice the size of the surplus proposed in last year’s budget while redirecting more than 70 percent of the …

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N.J. Budget With $700M In Tax Hikes And $4.5B In Borrowing Passes ...

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Sep 24, 2020 · The New Jersey Legislature on Thursday approved a $32.7 billion state budget that relies on $4.5 billion in new borrowing and higher taxes on wealthy households and …

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What Will N.J. Do With All Those Extra Billions Pouring In? Some …

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May 16, 2022 · New Jersey’s Office of Legislative Services will tell the state Senate Budget Committee it now expects the state to collect nearly $4 billion more than it estimated just last …

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States Assembly Agrees £56m 'mini-budget' For Jersey - BBC

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Sep 22, 2022 · The budget will aim to help islanders with the rising costs of living through tax cuts and various financial benefits. States members voted unanimously to approve the budget on …

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Murphy Unveils $56B N.J. Budget With New Tax To Fund NJ Transit ...

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Feb 27, 2024 · Gov. Phil Murphy on Tuesday unveiled a proposed $55.9 billion state budget that calls for a new tax on New Jersey’s largest corporations to help fund financially strapped NJ …

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Are higher taxes possible as Jersey's state budget looms?

Brace yourself, Jersey. Higher taxes possible as tough state budget looms. - nj.com Brace yourself, Jersey. Higher taxes possible as tough state budget looms. Gov. Phil Murphy speaks at the Statehouse in Trenton last year. Behind him are state Assembly Speaker Craig Coughlin (left) and state Senate President Nick Scutari. ...

Will New Jersey ever be affordable for all?

New Jersey will never be affordable for all if those with the lowest incomes — those who struggle with affordability the most — are not prioritized in the state budget. Sheila Reynertson, Senior Policy Analyst, focuses on budget and tax issues with an emphasis on advocating for state fiscal policies that benefit working families of New Jersey. ...

Are New Jersey's tax filings causing a surge?

The Office of Legislative Services and the state Department of the Treasury are both forecasting billions of dollars more in revenue, primarily driven by a spike in income tax filings. New Jersey officials on Monday forecast a multibillion-dollar surge in tax revenue into the state’s coffers, just weeks before the June 30 budget deadline. ...

Did New Jersey lawmakers miss a historic opportunity to fix finances?

Lawmakers missed a historic opportunity to fix New Jersey's finances by prioritizing short-sighted tax cuts in the new state budget. Negotiated behind closed doors and voted on without public input, the latest state budget wasted a historic opportunity to fix New Jersey’s finances and boost investments in historically underfunded areas. ...

Should New Jersey use excess tax revenues to protect the state?

Sarlo recently said the state should use a significant portion of the billions in excess tax revenues to boost New Jersey’s surplus to a record $6 billion or more to protect the state from a recession next year. ...

Will New Jersey levy a new tax on wealthy corporations?

The governor is seeking to levy a new tax on the state’s wealthiest corporations to provide continued annual funding for NJ Transit, the state’s bus and rail agency facing a nearly $1 billion shortfall and a 15% fare hike on riders. Advocates have asked for a dedicated funding source for NJ Transit for years. ...