Overview

• Gov. Phil Murphy unveils a $55.9 billion budget for New Jersey, marking a record level of state spending under his administration.
• The proposed budget includes a new tax on large corporations to fund NJ Transit, aiming to address a $100 million deficit and ensure dedicated annual funding.
• More than $3.5 billion in tax relief is planned, including funding for the ANCHOR program, Stay NJ program, and expansions of the Senior Freeze and tax credits for families.
• The budget fully funds New Jersey’s public-worker pensions and school aid formula, with significant investments in education and a plan to phase out the sales tax waiver on electric vehicles.
• Critics argue the corporate tax could harm New Jersey's business environment, while supporters laud the move as crucial for NJ Transit and state infrastructure.