Fiscal Year 2019 State Budget
On June 30, 2018, the FY2019 State Budget was finalized hours before the constitutional deadline. The final $37.4 billion budget represented a compromise struck by Governor Murphy and legislative leaders, which included: an increase in the gross income tax on individuals that earn over $5 million annually from 8.97 percent to 10.75 percent; an increase in the Corporation Business Tax by two percent; and an expanded sales tax to include ride-sharing services, such as Uber and Lyft, and transient accommodations such as AirBNB. There was also new allocations for K-12 education, mass transit, free community college and public-employee pensions. The CCSNJ convened an Ad-Hoc Committee on Taxation to discuss the taxation proposals in Governor Murphy’s budget. As a result of the meeting, it was decided that several of these proposals could have varying effects on the state budget, but most would not impact the CCSNJ membership with the exception of the gross income tax increase and the corporation business tax increase.
Related Links : https://www.nj.gov/treasury/omb/publications/19citizensguide/citguide.pdf