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Murphy Proposes Record-High Budget — $1.8B More Than Projected Revenues

February 27, 2024 |

Credit: Thomas P. Costello

Gov. Phil Murphy is proposing another big increase in overall state spending to support bigger allocations to public education, mass transit and several other key items, all while maintaining significant funding for property-tax relief and public-worker pensions. 

In all, Murphy’s proposed budget for the fiscal year that begins July 1 would increase annual spending to a record-high nearly $56 billion, a nearly 3% hike over the $54.3 billion budget enacted last summer, roughly in line with the pace of annual inflation.

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NJ SEED: $56 Billion – another record breaking budget proposed by Governor Murphy. Amid forecasts of declining revenues, it is balanced (as required by the state constitution) by drawing $2 Billion from reserves. Proving that taxes seldom if ever die, the Governor’s budget proposes to rename the “temporary” corporate tax surcharge as the Corporate Transit Fee. The proposed tax would be levied on corporations earning $10 million and above – a higher threshold that the surcharge’s $1 million. It would be a permanent tax dedicated to NJ Transit. Don’t “dedicated” revenues require a constitutional amendment?

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