News & Analysis as of

State Budgets Governor Murphy

McCarter & English, LLP

New Jersey Fiscal Year 2025 Budget Overview

Following extensive deliberations and legislative actions, Governor Phil Murphy signed the Fiscal Year 2025 New Jersey Appropriations Act on Friday night, setting the state’s financial course for the upcoming fiscal year. The...more

McCarter & English, LLP

FY2024 New Jersey Budget Review

After a tumultuous week of drafting and negotiations on State Street, Governor Phil Murphy has signed into law the Fiscal Year 2024 New Jersey Appropriations Act, formalizing the State’s budget for the upcoming fiscal year....more

Cole Schotz

New Jersey Is Planning To Raise $390 Million In Fiscal Year 2021 through Tax Hikes On Millionaires

Cole Schotz on

New Jersey Governor Phil Murphy and State Democratic leaders announced yesterday a revised fiscal year 2021 budget that raises the State’s gross income tax rate on income for families now earning between $1 million and $5...more

Greenbaum, Rowe, Smith & Davis LLP

New Jersey Extends Income Tax Filing Deadline to July 15, 2020

New Jersey Governor Phil Murphy announced recently that the filing deadline for New Jersey state income tax returns has been extended from April 15, 2020 to July 15, 2020, matching the extension provided by the IRS. ...more

Eversheds Sutherland (US) LLP

Top New Jersey tax changes in the 2018 budget deal

In a last-minute deal to avert a government shutdown, New Jersey Governor Phil Murphy and the New Jersey Legislature cobbled together a budget with numerous amendments to New Jersey’s tax law. Below is a summary of some of...more

Cole Schotz

Governor Murphy’s 2019 Budget: What You Need To Know About The Latest Round Of Tax Hikes

Cole Schotz on

It was no secret that Governor Murphy ran on a platform heralding an aggressive spending plan of $37.4 billion to fund a lengthy list of entitlements such as hospital and prescription aid, opioid addiction treatment, free...more

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