Governor Murphy Signs New Jersey Budget

posted by Terry Trahim -

New Jersey Governor Phil Murphy has signed a $37.4 billion budget, after agreeing to a deal with state lawmakers on Saturday.

“I am pleased that we have been able to reach an agreement that will allow us to enact a budget which invests in our communities and shared values, and which is backed by the sustainable revenues we need to ensure this progress continues into the future,” Murphy said in a statement.

The budget deal increases taxes on residents earning at least $5 million, generating an extra $280 million in revenue for the state.  It also increases corporate business taxes, but leaves the state sales tax alone.

The spending plan increases funding for NJ Transit and education.


Photo Credit:  Getty Images

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