Democrats Rush Spending Bill, Clear Path for Record-High Budget
Democrats who control the Legislature introduced a budget and then rushed it through committees late Wednesday, signing off on a record $56.6 billion spending bill backed by several tax hikes. READ MORE
Murphy, Top Lawmakers Reach Deal on N.J. Tax Increase
With a critical deadline fast approaching, state leaders have tentatively agreed on a plan to temporarily hike taxes on New Jersey’s most profitable companies to help fund mass transit and will not pursue increasing the state’s sales tax, NJ Advance Media has confirmed.READ MORE
New Brunswick is NJ’s First Town to Set Up a Stormwater Utility
New Jersey’s efforts to manage increasing volumes of stormwater took an important step forward last month when New Brunswick became the first municipality to launch a “stormwater utility,” a new mechanism that allows local government to charge landowners a fee based on how much water runoff their properties produce.READ MORE
Plan to Sell $100M in NJ Transit Orphan Property Raises Key Questions
The Murphy administration is proposing a plan for the state Economic Development Authority to purchase $100 million of NJ Transit’s valuable property around rail — parking lots or awkward, underused parcels — and generate development, more ridership and revenue for NJ Transit. READ MORE
A Closer Look at New Jersey's $56.6B Budget and Its Impact
New Jersey's $56.6 billion fiscal year 2025 budget, expected to reach Democratic Gov. Phil Murphy's desk this week, would hike taxes on high-earning businesses and funding for many state services and programs.READ MORE
Amtrak, NJ Transit will Cooperate to Address Train Woes, Murphy Pledges
Gov. Phil Murphy, the leadership of Amtrak and New Jersey Transit and other officials convened Thursday morning to discuss how the two agencies can better coordinate to address the severe train problems that have plagued commutes in recent weeks. READ MORE
Lawmakers Bulk Up Budget with $600M in Last-Minute Spending
In the final week before the annual budget deadline, state lawmakers have once again added hundreds of last-minute line items to a spending bill they are now planning to send to Gov. Phil Murphy for final approval on Friday. READ MORE
NJ budget details: What made it into the final spending bill? What didn’t?
After adding more than $600 million in last-minute spending earlier this week, lawmakers are now poised to send Gov. Phil Murphy a record-high, nearly $57 billion spending bill for the fiscal year that begins Monday.READ MORE
"New Jersey Works Act"; concerns businesses and pre-employment training programs; provides tax credit to businesses supporting pre-employment training programs; appropriates $1 million.
Revises film and digital media content production tax credit program to include eligibility for compensation not subject to gross income tax due to reciprocity agreement with another state.
Revises definition of qualified assistance fund expenses under UEZ program to include costs of transportation infrastructure projects and related debt service.
Makes FY2024 supplemental appropriations of $37,430,000; de-appropriates $24,000,000 in existing FY2024 appropriations; adds and modifies various FY2024 language provisions.
Phases out sales and use tax exemption on zero emission vehicles; repeals annual sales tax holiday for certain school supplies and sport or recreational equipment.
Provides corporation business tax credit for certain investment in manufacturing equipment and manufacturing facility renovation, modernization, and expansion, or hiring and training of new employees for manufacturing purposes.
Establishes "Energy Infrastructure Public-Private Partnerships Program"; amends law concerning NJ infrastructure Bank; and authorizes certain energy contracts under "Public School Contracts Law" and "Local Public Contracts Law" up to 25 years.
