Taxes

The report, which evaluates funding fairness and effectiveness under the state's School Funding Reform Act, suggests New Jersey was spending less aggregate personal income on K-12 education in 2018 than it was prior to the Great Recession.

TRENTON — Gov. Phil Murphy paid about $1 million in state and federal taxes in 2019 on roughly $2.7 million in income, according to a summary of his tax returns released by his office.

A bill being introduced in Trenton this week by Republican lawmaker would put an end to the taxation of masks in New Jersey.

Voters will decide whether to expand the $250 veterans’ property tax deduction by making veterans eligible even if they didn’t serve during a time of war.

The Tax Foundation's annual report ranks New Jersey in the bottom 10 in four of the five categories it examines. The state has been 50th overall since 2015.

For Murphy, the agreement fulfills a core campaign promise of raising taxes on the wealthy and also sets up a tax rebate to go out next year in the midst of his reelection campaign.

The Office of Legislative Services forecasts a drop in revenues but projects it to be $1.37 billion higher than the Murphy administration does.

Business groups are hammering Gov. Phil Murphy’s budget plan over its more than $1 billion in tax hikes, two-thirds affecting the wealthy and corporations.

The Legislature begins its review of Gov. Phil Murphy’s budget Tuesday, with the typical four-month marathon turned into a sprint concluding in three weeks.

New Jersey's gas tax increases 9.3 cents a gallon on October 1. Gov. Phil Murphy has also proposed raising cigarette taxes $1.65 a pack starting a month after that.