Gov. Phil Murphy has put pen to paper on a $56.6 billion budget which boosts taxes on high-earning corporations to help the state’s transit agency while spending billions on education and other programs. The signing came two days ahead of their constitutionally set deadline to enact a balanced budget, avoiding a government shutdown.
For taxpayers, the spending plans includes billions for K-12 education, property tax relief, public pensions and a host of other programs. For businesses making over $10 million a year, the budget carries a tax increase, hiking the top corporate rate to 11.5% for those firms, up from 9%.