New Jersey lawmakers are set to vote today on a $56.6 billion budget plan for fiscal year 2025. The budget, which is 4.2% higher than last year's, was approved by the Budget Committees late Thursday night. The proposal includes an additional $700 million in new spending compared to Governor Phil Murphy's plan presented in February.
The budget plan aims to restore a $20 million budget cut for community colleges proposed by Governor Murphy, continue full payment of New Jersey's pension obligations, and fully fund a public school funding formula passed in 2008 for the first time.
Businesses that report more than $10 million in profits would be subject to a 2.5% surcharge to support NJ Transit. However, this move has been criticized by business groups, who argue that it would give New Jersey the nation's highest tax rate and penalize the state's best corporate citizens.
The proposed budget would increase New Jersey's deficit to over $2 billion. Despite this, Senate Budget Committee Chairman Paul Sarlo praised the budget for having the largest surplus he's seen in his years in state government, at $6.5 billion.
The budget plan has faced criticism from Republicans, who argue that the state's spending is a 'runaway freight train of expenditures.'(apnews.com)
The final vote on the budget is expected to take place today.