Business Report: Tax rebates, IRS refunds, health care expansion

More than 760,000 NJ households are eligible for a rebate check of up to $500 from the state Treasury

Some residents should have already received their tax rebates from the state. The Treasury department says it has mailed out more than 200,000 rebates since the beginning of the month, and will continue to do so over the next few weeks. In all, more than 760,000 households are eligible for a rebate check of up to $500, based on income. You’ll recall the Murphy administration and legislative leaders agreed last fall to send tax rebates to families as part of an agreement to raise taxes on high-income residents.

And more money is on the way! The IRS says it will issue another round of refunds this week to nearly 4 million taxpayers who overpaid taxes on their unemployment compensation. In March, a new law was signed exempting federal income tax on the first $10,200 in unemployment benefits received in 2020.

The credit ratings agency Moody’s now has a positive outlook on New Jersey’s general obligation bonds and has upgraded its outlook from stable. It also placed a positive outlook on additional debt issued by the state. Moody’s cited the state government’s decisions to pay down debt and accelerate contributions to the pension system as reasons behind the brighter outlook.

A South Jersey health care system is expanding. AtlantiCare is planning a $75 million expansion of its Mainland Campus in Pomona. Larissa Goganzer, chief operating officer at AtlantiCare, says the expansion will enhance efficiency for the delivery of care and ensure the hospital is prepared for future health care emergencies. Atlanticare will add 50 new private rooms, a new ICU unit, and create an observation unit for overnight care. It expects to break ground early next year.

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