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Budget agreement will avoid state shutdown

  • State A last-minute deal that included no sales tax increase avoided a shutdown for New Jersey, Gov. Phil Murphy announced Saturday night. "Let me be clear, there will be no shutdown," he said. "The parks and beaches are open." Both the state Senate and Assembly are set to vote at 8 a.m. "We had honest blunt sometimes heated yet always civil discussions," Murphy said. "There was never a disagreement in our values and principles, just how best to get there." Getting there includes a millionaire's tax that will increase income tax to 10.75 percent for filers with incomes of $5 million or more, which will add $280 million to the annual revenues, Murphy said. A corporate business tax surcharge will average 2 percent over four years, with the first two years at 2½ percent. That will bring about $425 million in revenue for this budget, Murphy said. The budget is balanced, fair and responsible, Assembly Speaker Craig Coughlin said. There will be $242 million for NJ Transit, and $25 million to aid community colleges. Murphy said it was not an individual win, but one for working families. "The era of budget gimmicks is ending and the era of a stronger and fairer New Jersey that works for every family is just beginning," he said. "There's nothing wrong with disagreeing," Lt. Gov. Sheila Oliver said. "There's nothing wrong with having different points of view. What is important is that anyone who is in leadership stays the course and we get to the outcome."

Lynda Cohen

Lynda Cohen founded BreakingAC after working as a local newspaper reporter for more than two decades. She is an NJPA award-winner and was a Stories of Atlantic City fellow.

Sunday, May 19, 2024
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