Gov. Murphy Proposes Record-High Budget

 – February 28, 2024
Gov. Murphy Proposes Record-High Budget

$55.9B Budget Proposal Includes Tax Hike for State’s Top Employers

On Feb. 27, Governor Phil Murphy delivered his budget proposal for New Jersey’s 2025 fiscal year which begins July 1. After months of reassuring the state’s business community that he would let the 2.5% Corporation Business Tax (CBT) surcharge expire, he has proposed a new 2.5% tax on businesses with $10 million or more in profits, which would return New Jersey to its status as an extreme outlier for business taxes. 

Other items in the record-high budget proposal include $2 billion for the ANCHOR property-tax relief program; a $7 billion payment to the public-worker pension fund; and a $900 million increase in direct aid for K-12 public schools.