state budget

The state withdraws $850 million in planned spending increases, including $386 million in school aid and $132 million for NJ Transit.

Brandon McKoy, president of New Jersey Policy Perspective, said New Jersey ended up with the slowest recovery in the nation after the Great Recession because it wouldn’t consider tax increases.

State revenues plunged by an unprecedented 60% in April, a $3.5B drop that reflects the economic impact of the business shutdowns ordered to deal with the coronavirus pandemic.

New Jersey Policy Perspective says that without proper funding, the state government can’t meet citizens’ needs at the time that demand for services is at an all-time high due to the novel coronavirus.

State leaders have decided to delay adoption of New Jersey’s 2021 state budget by three months, allowing time to assess the economy and state finances after the worst of the coronavirus pandemic subsides.

Gov. Phil Murphy hasn’t yet said what changes will be made in the overhauled 2021 state budget, though he has indicated a few times that he’d still like it to include an increase in the millionaires tax.

On Gov. Phil Murphy's third day of asking "Whose side are you on?" Senate President Steve Sweeney says governor has no agenda and is beholden to unions.

New Jersey and Illinois are the two states whose budgets are in the weakest position should a recession materialize, according to Moody's Investors Service.

The state is counting on a robust but not unprecedented $3 billion in income taxes this month, exceeding what the tax generated in a whole year before 1991.

Gasoline sales continue to decline in New Jersey, raising the possibility of another gas-tax hike this fall. The Murphy administration thinks it can be avoided.