New Jersey governor signs budget boosting taxes on companies making over $10 million

Murphy had promised to find a way to dedicate funding to the agency. It's unclear to what extent the tax increase completely accomplishes that goal.

For taxpayers, the spending plan includes billions for K-12 education, property tax relief, public pensions and a host of other programs. For businesses making over $10 million a year, the budget carries a tax increase, hiking the top corporate rate to 11.5% for those firms, up from 9%. Murphy, also a Democrat, proposed what he called the corporate transit fee to help the beleaguered New Jersey Transit, which could face a budget crunch in the coming year. The agency, which operates buses and trains in the state, has taken capital funds to finance its operational budget for years.

The budget also has about $2.5 billion for direct property tax relief, continuing programs introduced in 2022 and 2023 to help residents, renters and older residents. The average property tax amount in 2022, which is the most recently available information, is about $9,500, according to the state.

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New Jersey governor signs budget boosting taxes on companies making over $10 millionNew Jersey Democratic Gov. Phil Murphy signed a $56.6 billion budget moments before midnight Friday, hiking taxes on high-earning corporations to help the state's transit agency while spending billions on education and other programs.
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