Democrats see a budget victory, Republicans see an impending cliff.
New Jersey tax revenue is up slightly, state treasury officials reported Tuesday, a change trumpeted by Democrats as a sign of fiscal responsibility as Republicans warned the state is headed toward a fiscal cliff and can’t sustain Gov.
That includes more money for the Stay NJ program, which is designed to cut seniors’ property taxes in half, starting in 2026, but needs to hit several thresholds to be funded. State Assembly Speaker, D-Middlesex, the main sponsor of the law, is one of the primary legislators who negotiate the budget with the governor.
The state Office of Legislative Services, which acts as a third-party nonpartisan monitor, had estimates that were only slightly different than state Department of Treasury numbers.Sen. Paul Sarlo, D-Bergen, who chairs the budget committee, suggested looking into raising the state’s 6.625% sales tax to 7% instead of Murphy’s proposed 2.5% business surcharge to help fund NJ Transit, which has been strongly opposed by the business community.
Sarlo offered praise to Treasury officials and suggested that a variety of tax relief programs be combined under Stay NJ. Coughlin has threatened to hold up the tax on large corporations to make sure Stay NJ remains on track.
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