New Jersey Budget Analysis, Take Two

September 18, 2020

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

Dale  Florio

Dale Florio

Dale J. Florio brings over three decades of public affairs experience to the service of his clients. With a highly successful track record at all levels of government, Mr. Florio is widely recognized as one of the most influential public affairs professionals in the Garden State. In fact, PPAG– Princeton Public Affairs Group has been consistently named New Jersey’s Number One Lobbying Firm for the last fifteen years in a row.A graduate of Allegheny College with a B.S. in Economics and Seton Hall University Law School, Mr. Florio was admitted to the practice of law in New Jersey and Pennsylvania.

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Jeffrey  Kaszerman

Jeffrey Kaszerman

Jeff Kaszerman is the vice president of government relations for New Jersey Society of CPAs. He works with the CEO and board of trustees to create and implement advocacy initiatives that protect and promote the interests of the CPA profession, the business community and the public.

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Richard F. Keevey

Richard F. Keevey

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