Murphy to hold press conference with Sweeney and Coughlin and 7:30 pm. Budget announcement expected

Governor Phil Muphy’s office announced a press conference for 7:30 pm with Lt Governor Sheila Oliver, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin. It is expected that the Democrat leaders of New Jersey’s state government will announce they have made an agreement for the 2019 fiscal year budget.

According to published reports the budget will an income tax increase to 10.75% on individuals and families with over $5 million income and a corporate business tax increase of 2.5% for two years, to phase out over the following two years.

The sales tax will not be increased, according to the reports.

MMM will post the live stream coverage of the press conference here.