Murphy unveils $44.8B N.J. budget with no tax hikes, big money for pensions, $500 rebates. Here’s what you need to know.
Without raising or adding any taxes or fees, the New Jersey would make its first full contribution to the public pension system in a quarter century, while boosting aid to schools and providing income tax rebates to hundreds of thousands of low- and middle-income families.
The governor, at least for now, has abandoned efforts to lift taxes on cigarettes, gun purchases and corporations whose employees wind up on Medicaid.
The state’s finances are in better shape largely because of big borrowing this fiscal year and a much improved revenue outlook. The Treasury Department projects New Jersey will see its surplus accounts grow to $6.3 billion by the end of June, which the governor…