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Budget

As State Coffers Swell, Lawmakers Resist Millionaire’s Tax
John Reitmeyer | May 15, 2019 | Budget
Business tax levies are now running more than $750 million over projections, and income-tax trends are approaching original forecasts
Camden Residents Blast Tax Incentives — and Norcross
David Cruz | NJTV News | May 15, 2019 | Budget
Citizens contend that not much has changed despite $1 billion in incentives for companies in the orbit of powerbroker George Norcross
Singing in the Rain: NJ’s 1st Deposit to Rainy-Day Fund in Decade, Says Treasurer
John Reitmeyer | May 14, 2019 | Budget
This year’s surging ‘April surprise’ in tax collections translates into $250 million tagged for Surplus Revenue Fund after years of running on empty
Legislative Hearings into Tax Incentives Will Be Unlike ‘Slanted’ Task Force
John Reitmeyer | May 13, 2019 | Budget
Lawmakers to conduct their own probes of controversial programs but signal their efforts will be more sympathetic than recent investigations
Murphy Drops $33M Budget Diversion After Getting Flamed by Firefighters
John Reitmeyer | May 9, 2019 | Budget
Governor finds plan to siphon cash from dedicated fund that assists needy first responders and their families too hot to handle
Murphy Offers Lawmakers Both Carrot and Stick to Approve Millionaire’s Tax
John Reitmeyer | May 8, 2019 | Budget
During town hall, governor also reveals that the state’s revenue outlook improved during the recent April tax-collection season
High-Profile Lawyers Claim Tax-Incentive Investigation Is ‘Political Retribution’
John Reitmeyer | May 7, 2019 | Budget, Politics
Attorneys representing companies linked to South Jersey powerbroker George Norcross challenge legitimacy of Murphy task force; chair of task force rejects their claims
Timeline of EDA Tax-Incentive Program in Camden
NJTV News | May 6, 2019 | Budget
John Reitmeyer, NJ Spotlight’s Budget and Public Finance writer, drills down into the data on tax breaks for projects in Camden
Task Force Examines Tax Incentives for Camden — and Norcross
John Reitmeyer | May 3, 2019 | Budget, Politics
Scrutiny of big tax breaks for projects in Camden, especially for businesses with ties to Democratic powerbroker George Norcross, in a sometimes trial-like atmosphere
No Easy Answers About Why It Costs So Much to Attend NJ’s Public Colleges
Carly Sitrin | May 2, 2019 | Budget, Education
Murphy’s proposed budget allocates $1.65 billion to higher education, but some college and university officials politely explain that it’s not enough
Jury Is Still Out On Net Result For New Jerseyans Of Trump Tax Cuts
Colleen O'Dea | May 1, 2019 | Budget
Some data show most paid less to Uncle Sam for 2018, but individuals also report big jumps stemming from caps on tax deductions and donations
NJ Official: State Working to Protect Consumers from Trump Measures
John Reitmeyer | May 1, 2019 | Budget
Department of Banking and Insurance Commissioner Marlene Caride tells lawmakers that state’s efforts have significantly lowered health insurance premium rates in the individual market
SALT Workaround for Small Businesses in NJ Misses the Boat
John Reitmeyer | April 30, 2019 | Budget
Bipartisan measure was supposed to reclassify state taxes for those with ‘pass-through’ entities. It was OK’d by the state Senate but was never posted for a vote in the full Assembly
Murphy’s Budget Reflects Change In How Pension Obligation Is Calculated
John Reitmeyer | April 29, 2019 | Budget
Tweak to actuarial policy provides $100M in breathing room over previous estimate of payment needed to fully fund ailing system
Union Leaders Blast Sweeney’s Cost-containment Reforms
John Reitmeyer | April 26, 2019 | Budget
Say proposals embraced by Senate President fail to address pension system’s unfunded liability, and overly focus on shifting costs to workers
State Tax-revenue Growth In NJ Lags Well Behind Most Other States
John Reitmeyer | April 24, 2019 | Budget
Independent analysis shows tax collections in Garden State still fall shy of pre-Great Recession levels, while they have rebounded elsewhere by an average of 13.4 percent
The Message Is a Big Part of the Mission for State Veterans Programs
John Reitmeyer | April 17, 2019 | Budget
New Jersey is home to some 340,000 men and women who have served their country in the military
Murphy, Sweeney in Accord, More Money Should Go to Expanded Pre-K
Michael Aron | NJTV News | April 16, 2019 | Budget, Education
Governor’s proposal would add another $68 million to the current allocation of $738 million all told
Task Force Finds Potential Crimes in NJ’s Tax-Incentive Programs
John Reitmeyer | April 15, 2019 | Budget
Panel set up to examine the state’s controversial economic-development tax breaks announces evidence of ‘potential criminal violations’ but gives no details
Is the Federal SALT Cap Putting NJ Residents on the Road to Other States?
John Reitmeyer | April 12, 2019 | Budget
Some anecdotal evidence suggests more New Jerseyans are moving out of state, but independent fiscal analysts say there’s no sign of an outmigration exodus
NJ’s New Bail Program in Financial Bind: Judiciary Wants State Funding
John Reitmeyer | April 10, 2019 | Budget
Budget committee hears that without a long-term fix for pretrial system’s financing, ‘judiciary will be forced to take cost-cutting measures’
New Scrutiny of Longtime Income Cap on NJ Seniors’ Property-Tax Relief
John Reitmeyer | April 8, 2019 | Budget
Governor’s budget plan keeps lid on income eligibility for the ‘senior freeze’ program. But, amid concerns over outmigration, lawmakers may seek adjustment
NJ’s Unemployment Trust Fund Bounces Back, with Big Savings for Business
John Reitmeyer | April 5, 2019 | Budget
The fund has been replenished since a 2010 constitutional amendment prohibited it from being raided for other purposes. Other revenue streams are not as protected
Lawmakers at Budget Hearing Quiz AG on Hot Legal Issues
John Reitmeyer | April 4, 2019 | Budget
Legislators zero in on bail reform, marijuana legalization, court actions against Trump administration and more
Resistance to Murphy’s Tax on Millionaires Out in Open at Budget Hearing
John Reitmeyer | April 3, 2019 | Budget
In second day of hearings concerning governor’s proposed budget for fiscal year 2020, lawmakers underline their aversion to tax hikes, including on high earners
Treasury Urges Lawmakers to Pump Up State’s Meager Fiscal Reserves
John Reitmeyer | April 2, 2019 | Budget
State’s top financial analysts caution legislators to protect $1 billion budget surplus projected for fiscal year 2020 rather than raid the funds
Small Tax Break in Cards for New Jersey’s Metal Manufacturers
John Reitmeyer | April 1, 2019 | Budget
Sponsors say it would allow New Jersey foundries to better compete with those elsewhere in U.S. and would have minimal impact on state budget
Whistleblower Says Her Former Company Lied in EDA Tax-Incentive Application
John Reitmeyer | March 29, 2019 | Budget
Testimony before task force adds to concerns that state’s economic-development programs were loosely administered and prone to abuse
Paterson’s School Funding Woes Dominate Public Budget Hearing
Michael Aron | NJTV News | March 28, 2019 | Budget, Education
Assembly committee is told Paterson school district is facing severe deficit, would have to make ‘massive’ staffing cuts if nothing changes
NJ Pension System Unlikely to Meet FY2019 7.5% Assumed Rate of Return
John Reitmeyer | March 28, 2019 | Budget
Investments generated just under 2 percent for first eight months of current fiscal year, according to new figures released by New Jersey State Investment Council
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