Due to the coronavirus pandemic, New Jersey’s 2019/20 fiscal year was extended for three months to Sept. 30, 2020. On Aug. 25, Governor Phil Murphy issued his proposed budget for the abbreviated 2020/21 fiscal year. This budget covers Oct. 1, 2020, through June 30, 2021. Among other things, the budget includes:
$4 billion in borrowing
$1.25 billion in cuts and savings
$1 billion in tax increases, including an expansion of the top individual tax rate to those earning more than $1 million and restoration of the 2.5-percent CBT surtax
On September 9, the NJCPA's Jeff Kaszerman talked with Richard Keevey and Dale Florio — who helped us analyze the Governor’s original budget proposal back in March just as the pandemic was ramping up. They took an in-depth look at the budget and its political prospects.
To learn more about the budget, visit njcpa.org/njbudget.