Gov. Murphy Proposes Record-High Budget

DISASTER RECOVERY GUIDE

Gov. Murphy Proposes Record-High Budget

– February 28, 2024

$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.

NJCPA’s statement
Budget in Brief
Gov. Murphy’s budget address: video | text of speech

LEARN MORE

The information in this guide has been gathered from many sources, including the Internal Revenue Service, the Social Security Administration, state agencies, professional organizations and members of the NJCPA. The COVID-19 pandemic has prompted the majority of state agencies to offer more online and prerecorded services. Though offices have reopened after the COVID-19 shutdown, it’s best to check online or call before you visit.

Material contained within this guide should be augmented by, and used in accordance with, a certified public accountant's professional judgment. Your CPA can properly apply the tax laws and regulations to the facts and circumstances of your particular situation. For help with locating a CPA, visit findacpa.org.

The New Jersey Society of Certified Public Accountants is not responsible for any claims arising as a result of this information or its usage.

This guide was updated in October 2023. Future users of this material are cautioned that some portions, particularly tax-related information, may become outdated.