New Jersey Approves Record $56.6 Billion Budget with Corporate Tax Increase

Governor Murphy's budget raises taxes on large corporations to fund NJ Transit and includes significant investments in education and property tax relief.

• The budget raises the corporate tax rate to 11.5% for companies making over $10 million annually.
• NJ Transit will receive dedicated funding to address its financial challenges.
• The budget allocates billions for K-12 education and property tax relief.
• Lawmakers will receive a 67% salary increase starting in 2026.
• The budget avoids a government shutdown by meeting the constitutional deadline.

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Washington Examiner Associated Press NJ.com Americans for Tax Reform