Exclusive on NJ budget: Baby bonds are out, these taxes are in. What made lawmakers’ plan – News – New Jersey Herald
By Stacey Barchenger
New Jersey lawmakers are expected to introduce a spending plan Monday that includes higher taxes on millionaires, corporations and some health insurers, but that omits many fees and tax increases proposed by Gov. Phil Murphy.
The budget bill maps state spending for the nine-month fiscal year beginning Oct. 1.
The bills haven’t yet been made public and more details are expected when lawmakers introduce and vote on the bills this week, but here’s what the USA TODAY NETWORK New Jersey has learned from lawmakers so far.
Three tax and fee increases proposed by Murphy are in the plan, according to Senate President Stephen Sweeney, D-Gloucester, and legislative staff.
Those include increasing the HMO assessment on net written premiums, which Murphy predicted would create $103 million in new revenue, and freezing the corporate business tax rate at 2.5%, which would bring in $210 million this fiscal