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.
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