Business Report: NJ’s improving revenues, child care woes, more small business grants

NJ Treasury reports an increase in revenues for all of the state’s major taxes in August

A new report from the U.S. Treasury Department finds that many families can’t afford child care while, at the same time, the pay for workers in that industry is too low. Treasury Secretary Janet Yellen and Vice President Kamala Harris are using the report to argue for increased funding for child care. Congress currently is considering a $3.5 trillion spending plan to fund social programs, including child care.

For the first time in more than a decade public worker pensions systems across the country are projected to be 80% funded. But as NJ Spotlight reports, New Jersey’s system is not one of them. A report from The Pew Charitable Trusts does give the state high marks for increasing its pension contribution.

New Jersey’s revenue picture continues to improve. The state Treasury Department reported an increase in revenues for all of the state’s major taxes in August — income tax, sales tax and the corporate business tax. In the year to date, tax collections are up nearly 31% compared to the same two months of the last fiscal year. The Treasury Department notes September is a more meaningful month in terms of tax collections because quarterly estimated tax payments are due.

Grants are on the way to small businesses in two of New Jersey’s cities. Hoboken is distributing $1.8 million to nearly 180 businesses hurt by COVID-19. In Newark, the city is taking applications for another $2 million in grants. Both cities are using money they received from the American Rescue Plan to fund their programs.

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