Bloomberg Tax
Feb. 28, 2023, 7:37 PM

NJ’s Murphy to Scrap Business Surcharge, Boost Home Rebates (1)

Donna Borak
Donna Borak
Senior Reporter

New Jersey Governor Phil Murphy introduced a $53 billion budget Tuesday that includes $2 billion in rebates for homeowners and renters, a third straight full pension payment and an end to a tax surcharge on corporations including Inc. and Walmart Inc.

Murphy said the proposed spending plan for the fiscal year that starts July 1 is 3% less than for the current fiscal year. But that’s only if lawmakers give him permission to raise this year’s budget by $2.3 billion, money that he said he would use to reduce and avoid debt.

Addressing a legislature dominated by fellow ...

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