"Sherrill's proposal for the fiscal year ending in 2027 calls for several cuts to keep New Jersey's budget relatively flat. The plan would increase the budget by just 1.6%, about $980 million less than the current fiscal year's budget. The budget proposal projects state revenue to remain essentially flat compared to the current fiscal year."
"Sherrill campaigned on a promise not to raise taxes, but whether her first budget proposal lives up to that pledge depends on how you feel about what the governor's office describes as closing loopholes in existing tax law. The governor's budget plan relies on increasing revenue by making it harder for businesses to avoid paying taxes."
"The plan calls for capping corporate net operating loss deductions at $1 million for the next three years and limiting the alternative business calculation deduction to small businesses. Sherrill also wants a new fee on businesses with at least 50 employees enrolled in NJ FamilyCare."
Governor Mikie Sherrill presented her first budget proposal of $60.7 billion, featuring record property tax relief and historic school funding levels aimed at addressing New Jersey's affordability crisis. The budget increases spending by only 1.6%, approximately $980 million less than the current fiscal year, while projecting state revenue to remain flat. To bridge the gap between spending commitments and revenue, Sherrill's plan relies on closing business tax loopholes, including capping corporate net operating loss deductions at $1 million for three years and limiting alternative business calculation deductions to small businesses. Additionally, the proposal includes a new fee on businesses with at least 50 employees enrolled in NJ FamilyCare. Some seniors may lose access to tax relief programs. These revenue measures potentially conflict with Sherrill's campaign promise not to raise taxes, though the governor characterizes them as closing loopholes rather than new taxes.
Read at Gothamist
Unable to calculate read time
Collection
[
|
...
]