Governor Phil Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin announced today that a deal had been reached on the FY2021 state budget. This announcement comes well in advance of the budget deadline of September 30 with the Legislature set to vote on it in the coming days.
Although details about the deal are still emerging, the budget will include:
- A millionaire’s tax, which would increase the gross income tax from 8.97 to 10.75 percent on those who make $1 to $5 million annually. The CCSNJ has historically opposed this measure.
- A new measure that would provide for a $500 rebate for families with at least one child and an annual income of less than $150,000 a year for couples and $75,000 for single parents.
- Media reports are indicating that the so-called “baby bonds” initiative, which would give certain newborns $1,000 at birth, has been sidelined.
The CCSNJ will provide further details as they are released and remains opposed to the budget proposal, which allows for up to $4 billion in unnecessary borrowing and tax increases at a time New Jersey residents and businesses can ill-afford them.
To read the CCSNJ Revised FY2021 State Budget testimony, click here.
If you have any questions, please contact Hilary Chebra, Manager of Government Affairs at hchebra@chambersnj.com.
