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New Jersey budget will see more tax increases, more borrowing

Lawmakers push plan that borrows more than Gov. Phil Murphy wanted. Votes planned for Tuesday

By John Reitmeyer, NJSpotlight

State lawmakers are planning to send Gov. Phil Murphy a budget bill later this week that calls for even more spending and borrowing than he originally asked for.

The first votes on a $32.7 billion spending bill formally introduced by lawmakers on Monday are scheduled to be held Tuesday afternoon in budget committees in the Assembly and Senate.

Also scheduled for committee review on Tuesday are a series of tax hikes proposed to back up the Legislature’s spending bill.

Read the rest of this entry » Posted: September 22nd, 2020 | Author: | Filed under: New Jersey, New Jersey State Budget | Tags: , , | 1 Comment »

This is how Murphy’s budget allocates $2.4 billion in federal COVID funding

Some lawmakers and state-funded organizations worry what will happen when that money is gone

By Lilo H. Stainton, NJSpotlight

For six months the coronavirus pandemic has loomed large over New Jersey, taking an enormous toll on the state’s public health and economy, and affecting nearly every aspect of daily life.

But you won’t find it by name in Gov. Phil Murphy’s $32.4 billion budget proposal.

Read the rest of this entry » Posted: September 21st, 2020 | Author: | Filed under: COVID-19, New Jersey, New Jersey State Budget, Phil Murphy | Tags: , , , , | No Comments »

Murphy to deliver budget address at Rutgers’ stadium

Governor Phil Murphy announced that he will delivered his revised FY 2021 State Budget Address at SHI Stadium at Rutgers University in Piscataway at noon on Tuesday, August 25.

The home team is expected to lose, as usual.

Read the rest of this entry » Posted: August 20th, 2020 | Author: | Filed under: Monmouth County | Tags: , , , | Comments Off on Murphy to deliver budget address at Rutgers’ stadium

$9.9B Borrowing Bill OK’d by Legislature, Signed Into Law by Gov. Phil Murphy

Ambassador Murphy and cardboard President Obama. That shirt looks familiar

Last-minute bid for changes to legislation fails; some lawmakers sought to ensure Black and Latino representation on panel that will review borrowing proposals 

By JOHN REITMEYER  , NJSpotlight

Despite passionate calls to add diversity to the process, the Legislature sent Gov. Phil Murphy legislation Thursday that gives a panel of four state lawmakers power to determine the fate of up to $9.9 billion in emergency borrowing.

Read the rest of this entry » Posted: July 17th, 2020 | Author: | Filed under: COVID-19, New Jersey, New Jersey State Budget | Tags: , , , | Comments Off on $9.9B Borrowing Bill OK’d by Legislature, Signed Into Law by Gov. Phil Murphy

First Detailed Look at Murphy’s Revamped $10B Emergency-Borrowing Bill

By JOHN REITMEYER , NJSpotlight

Gov. Phil Murphy wants a plan in place to borrow billions without voter approval; now legislators are ready to sign off one to make that happen. A revamped version of emergency-borrowing legislation is set to go before lawmakers for the first time Tuesday.

Read the rest of this entry » Posted: July 14th, 2020 | Author: | Filed under: COVID-19, New Jersey, New Jersey State Budget | Tags: , | Comments Off on First Detailed Look at Murphy’s Revamped $10B Emergency-Borrowing Bill

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 »