Governor Murphy signs record-setting $56.6 billion state budget.
Gov. Phil Murphy signed the $56.6 billion annual state spending bill on June 28th after the Legislature approved it in votes divided largely along party lines. The budget, the largest in state history, calls for New Jersey to spend $2.1 billion more than it takes in. The new budget represents an increase of more than 20 billion in seven years.
Legislative bills detrimental to small businesses were not sent to Governor Murphy in June thanks to NFIB’s deft advocacy efforts. A Captive Audience bill that would deny employers the right to freely engage in open speech with their employees was held from floor votes. A Heat Stress bill that would require every business to adopt a heat stress plan was also put on hold. The Department of Labor, under that bill, would be able to levy steep fines, stop work orders, and order business shut-downs.
As part of the budget deal, legislators and the governor agreed to enact a 2.5% surtax on corporations with more than $10 million in profits. The tax on roughly 600 businesses operating in New Jersey is expected to generate about $800 million annually and is forecast to bring in more than $1 billion in the fiscal year that began July 1st. It will retroactively apply to the first six months of 2024.
