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NJ Income Tax Filing Delayed till July 15

New Jersey is joining the federal government in extending the deadline to file and pay income taxes until July 15, according to a joint statement by Governor Phil Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin. The State Budget Deadline has been postponed from June 30 to September 30.

Read the rest of this entry » Posted: April 1st, 2020 | Author: | Filed under: COVID-19, New Jersey, New Jersey State Budget | Tags: , , , | 1 Comment »

As COVID-19 Heats Up, Governor Puts $1B in Planned Spending in Deep Freeze

Social-distancing measures have sent consumer spending into a tailspin, a sharp downturn felt all across the state economy that’s reducing revenues in all sectors

By JOHN REITMEYER , NJ Spotlight

Gov. Phil Murphy’s administration has put nearly $1 billion in planned spending in reserve in response to ongoing concerns that the coronavirus outbreak could take a huge chunk of revenue out of the state budget.

Among the fiscal year 2020 appropriations that have been sidelined by the administration’s spending freeze is $142 million that was supposed to cover the next installment of the state’s popular Homestead property-tax relief benefits, which was due to be paid out to thousands of New Jersey residents to help offset their sky-high property-tax bills in May.

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Posted: March 24th, 2020 | Author: | Filed under: New Jersey, News | Tags: , , , | Comments Off on As COVID-19 Heats Up, Governor Puts $1B in Planned Spending in Deep Freeze

O’Scanlon: Minimum Wage Increase Has Created Budget Challenge. What to Watch For In Proposed Budget

Direct Support Professionals Asking for $16.5 Million to Cover Minimum Wage Increase

When the Democrats in Trenton passed legislation in 2019 to increase the state minimum wage incrementally until it reaches $15 per hour in 2024, Senator Declan O’Scanlon and Republicans in both houses warned of the consequences for New Jersey taxpayers, those providing essential services and those that depend on those services.

Two months after the implementation of the second annual increase raising the state hourly minimum from $10 to $11, O’Scanlon’s cautions are being proven. Read the rest of this entry »

Posted: February 24th, 2020 | Author: | Filed under: Declan O'Scanlon, Monmouth County News, New Jersey, Press Release | Tags: , , , , | Comments Off on O’Scanlon: Minimum Wage Increase Has Created Budget Challenge. What to Watch For In Proposed Budget

More than 75% of accountants say Murphy’s budget will do long term damage to NJ’s economy

The New Jersey Society of Certified Public Accountants surveyed its members regarding the impact New Jersey’s new state budget would have on the state’s economy.  More than 75% of the 921 CPA’s surveyed said that the budget signed by Governor Phil Muphy would have a negative impact on the economy, according to an article at NJCPA.com

Thirty-nine percent felt the economy would get “marginally worse,” and 37 percent said it would get “significantly worse.” Fourteen percent said it would have no impact, and only 10 percent said the economy would get either “marginally better” or “significantly better” under the new budget. 

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Posted: July 23rd, 2018 | Author: | Filed under: New Jersey, New Jersey State Budget, Phil Murphy | Tags: , , , , | 6 Comments »

New Jerseyans Need Tax Relief — Not More Spending and Higher Taxes

By Assemblyman Ned Thomson

Assemblyman Ned Thompson

While New Jersey narrowly avoided a second straight government shutdown, the budget agreement that was achieved at the last minute will have a serious impact on area taxpayers that will be felt for years to come.

As a member of the Assembly Budget Committee, I participated in a number of meetings and listened to hours of testimony on Gov. Phil Murphy’s proposed budget that sought to increase spending by more than 7 percent and raise taxes by $1.7 billion. Gov. Murphy and the Democrat majority in the Legislature then spent much of the spring and early part of summer arguing over which of our taxes to raise.

Never, it seems, did they consider reducing government spending nor did the conversation appear to focus on reducing the burden on some of the most overtaxed citizens in the country. In fact, during the debate, serious consideration was given to additional tax hikes, including proposals to increase the realty transfer fee and add taxes to short-term home rentals — two ideas that would have dramatically impacted Monmouth and Ocean County residents. Read the rest of this entry »

Posted: July 19th, 2018 | Author: | Filed under: Monmouth County News, New Jersey State Budget, NJ State Legislature, Opinion | Tags: , , , , | 2 Comments »

Guadagno: Murphy’s $2 billion spending increase is insane but not a surprise

Former Lt. Governor Kim Guadagno appeared on the Tommy G Show yesterday during which she said that the $2 billion in spending increases and $1.5 billion in new state taxes are insane but that no one should be surprised.

Guadagno said that moderate Democrats who are now calling for spending cuts “sound like Republicans, that’s what we’ve been saying all along!”

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Posted: July 12th, 2018 | Author: | Filed under: Kim Guadagno, Monmouth County News, New Jersey, New Jersey State Budget, Phil Murphy | Tags: , , , , | 9 Comments »

Democrats Budget Compromise Talks Stall

Assembly Speaker Craig Coughlin and Governor Phil Murphy. NJGlobe photo by NIKITA BIRYUKOV

The Democrat debate in Trenton over which taxes to raise on New Jersey residents and by how much ended last evening with no deal.  Voting sessions scheduled for today in the Assembly and the Senate where cancelled.  Legislators were told to report to Trenton on Saturday.

If Governor Phil Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin do not make a deal that is approved by the legislature by midnight on Saturday, New Jersey’s state government will shutdown for the second consecutive year.

Governor Murphy wants to increase income taxes on millionaires and the sales tax on everybody.  Sweeney and Coughlin want to raise taxes on businesses to the highest in the nation, expand the sales tax to internet purchases, real estate sales, and impose a new tax on vacation rental homes and Airbnb rentals.

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Posted: June 29th, 2018 | Author: | Filed under: New Jersey, New Jersey State Budget, Phil Murphy, Stephen Sweeney | Tags: , , , , , , , | 1 Comment »

O’Scanlon and DiMaso: Don’t tax summer rentals

As part of their compromise with Governor Phil Murphy over how many taxes to raise and by how much in the new state budget, the Democrat leaders of the legislature have proposed taxing seasonal rentals of vacation homes and Airbnb rentals.

Senator Declan O’Scanlon and Assemblywoman Serena DiMaso came out against a seasonal rental tax, which will have a disproportionate impact on Jersey Shore property owners, in a statement issued this afternoon.

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Posted: June 28th, 2018 | Author: | Filed under: Declan O'Scanlon, Jersey Shore, Monmouth County News, New Jersey State Budget, Serena DiMaso | Tags: , , , , , , , , | 3 Comments »

Murphy blinks: Offers Legislature budget compromise

In an effort to get a State budget passed by Saturday and avert a government shutdown, Governor Phil Murphy offered a compromise between his proposed budget and the budget that passed in the Democrat controlled legislature last week, according to NJBiz.

Murphy has previously threatened to veto or line item veto the legislature’s budget.

According to NJBiz, Murphy has proposed a lower corporate business tax increase than the legislature passed and to phase in the sales tax increase proposed over two years.   The Governor said he would accept the School Funding Formula proposed by Senate President Steve Sweeny, which has passed the legislature. Read the rest of this entry »

Posted: June 26th, 2018 | Author: | Filed under: Monmouth County News, New Jersey, Phil Murphy | Tags: , , , | Comments Off on Murphy blinks: Offers Legislature budget compromise

Art G and Tommy G talk Jersey Politics this afternoon

Will the State government shutdown this weekend?   How much will your taxes go up?  Will New Jersey elect Bob Hugin, a Republican, to the United States Senate or send disgraced Senator Bob Menendez back to Washington for six more years? Why are Democrat congressional candidates running away from Nancy Pelosi and Republicans equivocating on their support of President Trump?

Tune in to The Tommy G Show this afternoon at 4:06 to hear Tommy and MMM publisher Art Gallagher banter about the shenanigans in Trenton and Washington.

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Posted: June 26th, 2018 | Author: | Filed under: Monmouth County News, New Jersey | Tags: , , , , , , | Comments Off on Art G and Tommy G talk Jersey Politics this afternoon