The latest meeting between Governor Phil Murphy and legislative leaders failed to produce a compromise on enacting a new state budget by the June 30th deadline. But there are signs of progress.
The budget lawmakers passed last week includes a two-year corporate business tax surcharge and a tax amnesty program instead of the millionaires’ tax and sales tax increase the governor wanted to provide a sustainable source of revenue.
Murphy says there’s a framework of available alternatives that could add up in some combination to a deal.
“One of them is a recharacterized CBT, millionaires, sales, maybe accepting amnesty, which is something I have a hard time accepting unless you’re desperate. And I hope that we’re not desperate.”
Senate President Steve Sweeney says he’s willing to extend the corporate tax surcharge.
“I’ve always said I’m open to extending it as part of a deal, but we got to get to what the deal is at that point. Right now, we don’t have a deal.”
Sweeney says he’s glad they’re still talking and says they have all week to reach an agreement to prevent a government shutdown.
Murphy says he remains committed to enacting a balanced budget by the end of the month deadline.
“There is plenty of time to get this done and there is no logical reason it can’t be done.”