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Gov Murphy Proposes Record Spending New Taxes And Fees In Nj Com

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gov murphy proposes record spending new taxes and fees in nj com

Gov. Phil Murphy on Tuesday released his final state budget proposal, calling for New Jersey’s government to spend a record $58.1 billion, including preserving property-tax relief and continuing full public-worker pensions payments but also seeking... Murphy’s proposal, for the 2026 fiscal year that begins July 1, would spend $1.2 billion more in taxpayer funds than it is projected to take in. That’s compared to the $2.2 billion “structural deficit” in the $56.6 billion budget Murphy signed last year. Sources also told NJ Advance Media the state faced a roughly $3.7 billion deficit a few weeks ago. Since then, leaders closed part of the gap by cutting $2 billion in spending, including $800 million in grants lawmakers add at the last minute in June and imposing new taxes and fees.

In addition, the state has enjoyed a bigger-than-anticipated boost in income tax collections, officials say. “Though the budget I present to you today is the final budget of our administration, it is one that reflects our ongoing — and unrelenting — commitment to building a state that is stronger,... The spending plan includes a $6.3 billion surplus to ensure the next governor will inherit one that will be more than 15 times greater than Murphy got when he took office in 2018. The new fiscal year in New Jersey is here, and with it, a new budget approved on Monday night in its final hours before the July 1 deadline to avoid a government shutdown. Governor Phil Murphy signed the record-breaking $58.78 billion budget proposal into law as the Fiscal Year 2026 Appropriations Act. According to the governor's office, this action leaves a $6.7 billion surplus and an all-time high level of property tax relief, the most school funding in history and a fifth consecutive pension payment.

The state says more than 75 percent of the total funds are going to address these areas throughout communities across New Jersey. "With the help of our legislative partners, we are moving New Jersey toward a brighter future for every child, student, worker, parent, and senior citizen who calls our great state home," Murphy said following... "This is a fiscally responsible budget that puts New Jersey families first...At a time when working people are being left behind by misguided decisions in Washington," added Senate President Nick Scutari, Senate Majority Leader... Teresa Ruiz and Senator Paul Sarlo in a joint statement. Governor's budget would increase spending on schools, NJ Transit, property-tax relief, pension payments. Taxes on alcohol, cigarettes and online gambling would also rise

John Reitmeyer, Bobby Brier | February 26, 2025 | Budget In his last year in office, Gov. Phil Murphy is seeking to enact a new state budget that increases spending in several key areas, including K-12 public schools, mass transit, direct property-tax relief benefits and public-worker pension funds. “With this budget, and with every minute our Administration has left, we are going to continue working to strengthen our economy, lift up our families, and invest in our shared future,” Murphy said during... However, the overall $58 billion fiscal plan unveiled by Murphy also counts on the state collecting more money from a series of proposed tax and fee hikes the governor is asking lawmakers to approve... There was no doubt you were going to pay more under Gov.

Phil Murphy's final budget before he leaves office. The only real question was how much more and for what. It is being reported that Murphy and Democratic legislative leaders have reached an agreement on tax hikes. Murphy's proposed budget set a new record and continued his trend of spending more money than the state already collects in taxes. To pay for this latest round of excess spending, Murphy proposed $1.2 billion in new taxes and fees. The tentative agreement being reported on NJ.com includes tax hikes on cigarettes, luxury homes, and online gaming.

However, Murphy's fellow Democrats rejected so-called "fun taxes" on things like bowling, batting cages, and laser tag. Under the deal, New Jersey will tax cigarettes at $3 per pack. Murphy had wanted a 25% tax hike on sports betting and online gaming. Lawmakers agreed to 20%. Gov. Phil Murphy’s record-high budget plan includes $1.2 billion in new sales taxes and fees, and even with some tax cuts thrown in, the proposal has drawn the ire of Republicans, business lobbying groups and...

The Democratic governor outlined a $58.1 billion budget on Tuesday that tries to pull off a tough balancing act: It includes money for the popular ANCHOR property tax relief program, full funding for school... His proposal also foresees a $1.2 billion deficit. New fees on the most expensive home sales, online gambling and other activities seek to bridge the gap, but they're already running into opposition. In a statement Tuesday, state Senate Budget Chair Paul Sarlo, D-Bergen, said “revenue raisers” should be used only “as a last resort.” In his address Tuesday, Murphy emphasized that the threat of a federal funding freeze from Washington looms large. The state is dependent on about $26 billion in federal aid for the next fiscal year, according to budget documents.

The proposal still needs to go through a lengthy process, including multiple committee hearings and votes in the state Assembly and Senate. What emerges isn't likely to be exactly what Murphy suggested. His pitch for a tax on warehouse truck traffic this year, for example, failed to get through the Legislature in the past. Gov. Phil Murphy delivered his Fiscal Year 2026 Budget Address in the general assembly chambers of the State House on Feb. 25, 2025.

- PROVIDED BY RICH HUNDLEY III/NJ GOVERNORS OFFICE Murphy signs $58.8B NJ budget with tax hikes, relief aid Gov. Phil Murphy delivered his Fiscal Year 2026 Budget Address in the general assembly chambers of the State House on Feb. 25, 2025. - PROVIDED BY RICH HUNDLEY III/NJ GOVERNORS OFFICE

Gov. Phil Murphy signed a record $58.8 billion fiscal year 2026 budget bill into law late Monday night — his final budget as governor of the great Garden State. Earlier Monday, the full Senate and Assembly passed the spending plan. As NJBIZ has reported, the budget bill (Senate Bill 2026/Assembly Bill 5800) cleared committees late last Friday night. What do laser tag, bowling, online gambling and vapes have in common? They are on the list of items Gov.

Phil Murphy says should be taxed or taxed at a higher rate to help generate $1.2 billion in revenue for his proposed $58.1 billion state budget. The Democratic governor didn’t call for raising any broad and sweeping tax hikes that would affect every household, such as on the sales or income tax. But business leaders and even some fellow Democrats in the state Legislature are questioning whether tapping these new sources of revenue is worth it. The list of newly taxable activities in Murphy’s budget proposal is quite extensive. According to budget documents, it also includes baseball batting cages, basketball and tennis courts (when the patron participates), pool halls and bungee jumping. And there’s more: fishing piers, greens fees at golf courses and driving ranges, health and fitness clubs, miniature golf, parachute jumping, Paintball; skating rinks; skeet shooting ranges; skiing lift tickets, speedways, swimming pools and...

Sales would expand to currently exempt items, taxes would rise on guns, alcohol. Gov. Phil Murphy is proposing the state spend a record $58.1 billion in its next budget year, calling for a series of revenue raisers in an attempt to bridge New Jersey’s deficits but largely avoiding... In his annual budget address to the Legislature, Murphy called for the state to spend $1.2 billion more than it takes in through taxes and fees, a reduction from the $2.2 billion structural deficit... “Given the global economic disruptions — especially inflation — that have battered the American people over the past few years, it’s really no wonder that our working neighbors feel as if they’ve been forgotten... “So, to every New Jerseyan who shares these concerns, here is my message to you: Our administration is going to spend every minute we have left fighting for you.”

Murphy’s plan would see New Jersey end the 2026 fiscal year with $6.3 billion in surplus. NJBudget.com is a project of Garden State Initiative. On February 25, 2025, Governor Phil Murphy introduced his budget for the fiscal year 2026. The new budget contains a number of new tax proposals which are summarized below. Governor Murphy proposes to exempt certain baby products and sunscreen from the sales tax. The Governor also proposes to extend the sales tax to the following services and transactions: participatory sports, e.g., bowling, laser tag; interior design; vehicle trade-ins; digital services; second-hand airplane sales; certain complimentary meals, rooms,...

The Governor also proposes removing the partial sales tax exemption and $20,000 sales tax cap on boats or other vessels. The Governor also proposes to exempt certain baby products and sunscreen from the sales tax. Governor Murphy proposes increasing the real estate transfer tax from 1% to 2% for certain real property purchases between $1 million and $2 million and to 3% for certain real property purchases in excess... The Governor is proposing a 30¢ per pack increase in the cigarette tax rate from $2.70 per pack to $3.00 per pack. Governor Murphy is proposing an increase in the liquid nicotine rate from 10¢ per mL to 30¢ per mL and the container e-liquid rate from 10% to 30%. The Governor is proposing a 10% increase in the alcoholic beverage tax rates.

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