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Gov. Murphy Proposes $55.9 Billion Budget for New Jersey, Introduces New Corporate Tax for NJ Transit

The budget aims to bolster NJ Transit, provide property tax relief, and increase funding for education and pensions amid economic challenges.

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New Jersey Governor Phil Murphy delivering the 2019 New Jersey State of the State address. Murphy unveiled his proposal for the fiscal year that starts in July 2024 today.
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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.