No Deal Yet As NJ Budget Deadline Nears

Jun 30, 2018

New Jersey Statehouse

No new talks are scheduled yet between New Jersey Governor Phil Murphy and Democratic legislative leaders as the midnight deadline approaches for enacting a new state budget.

Murphy sent lawmakers a letter earlier today offering a new tax revenue proposal in efforts to reach a deal and avoid a potential government shutdown.

The Governor is increasing the income threshold to $1.75 million on his proposal to increase the income tax on millionaires and is indicating he backs a corporate business tax surcharge that would be an average 2% increase.

He says he’s prepared to take his proposal to raise the sales tax back to 7% if there’s an agreement to get the right balance between business and income taxes.

So far lawmakers have not responded to the letter.