Daily Tax Report: State

Murphy Hints at New Jersey Tax Increases for Next Year’s Budget

July 9, 2020, 10:37 PM

New Jersey Governor Phil Murphy hinted at tax increases for next fiscal year, saying the state will need “revenue raisers” to balance the budget and recover from the pandemic.

The $7.6 billion stopgap budget Murphy enacted through Sept. 30 contained no new taxes. That won’t be the case for the fiscal 2021 budget, which is due to lawmakers on Aug. 25, he said Thursday during an interview with Bloomberg Television.

“We’re going to have to put some revenue raisers on the table as we go to our next budget,” he said.

Murphy’s statement on revenue increases is more definitive...

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