Budget & Taxes in New Jersey

in committee · New Jersey · General Assembly Jun 23, 2026

A 5287: Reallocates FY2025 appropriation for City of Paterson - Recreation Center Capital Construction (PTRF) to NJ Community Development Corporation for youth center project in City of Paterson.

This bill directs unspent funds originally set aside for the City of Paterson's recreation center capital improvements to the New Jersey Community Development Corporation instead. The legislation allows these remaining dollars from the Fiscal Year 2025 budget to be used for a youth center project in Paterson, subject to approval by the Director of the Division of Budget and Accounting. This change does not add new money to the state budget but simply shifts the purpose of existing unexpended appropriations to support the new initiative.

Topics ✓ Budget & Taxes

Sub-Topics Appropriations State Budget

in committee · New Jersey · Senate Jun 4, 2026

S 4405: Imposes gross income tax at rate of 100 percent on amounts received by resident taxpayers from Anti-Weaponization Fund.

This bill requires New Jersey residents who receive money from the Anti-Weaponization Fund to pay a 100 percent gross income tax on those funds. The legislation explicitly disallows any deductions, exemptions, or tax credits for this specific income, ensuring the full amount is taxed. The Anti-Weaponization Fund is a settlement established by the U.S. Attorney General to compensate individuals claiming they were victims of alleged government overreach, and this bill asserts the state's right to tax those payments.

Topics ✗ Budget & Taxes

Sub-Topics Income Tax

in committee · New Jersey · General Assembly Jun 4, 2026

A 5208: Establishes certain mechanisms to address significant unanticipated cost increases experienced by school districts.

This bill allows New Jersey school districts to create and fund specific reserve accounts to handle unexpected financial burdens. It enables districts to move unspent money from the current year into reserve funds that can be used in future years for capital projects, maintenance, debt repayment, or emergency expenses. Additionally, the bill establishes a new cost stabilization reserve to cover significant increases in non-salary costs, such as healthcare and transportation, which can be funded at any time during the school year. These measures are designed to give school boards more flexibility to manage sudden cost spikes without immediately raising taxes or cutting essential services.

Topics ✓ Budget & Taxes ✓ Education

in committee · New Jersey · General Assembly Jun 8, 2026

A 5227: Imposes temporary surtax on taxpayers that receive certain tariff refunds; dedicates surtax revenues towards consumer price relief.

This bill imposes a temporary five-year surtax on corporations in New Jersey that receive refunds for specific federal tariffs, with the goal of funding consumer relief programs. The tax requires businesses to pay an amount equal to 90 percent of the refunds they get from the U.S. government for tariffs linked to national security concerns, such as those addressing illegal drug flows or trade deficits. All money collected from this surtax must be placed into a special fund to provide grants to small businesses affected by price hikes, issue rebates to low- and moderate-income households, and support consumer protection enforcement. The measure applies to privilege periods starting on or after January 1, 2026, and ends before January 1, 2031.

Topics ✓ Budget & Taxes

in committee · New Jersey · General Assembly Jun 15, 2026

A 5285: "Public School Employees' Health Benefits Trust Act."

This bill establishes a new trust fund to provide health benefits, including medical, pharmacy, dental, and vision coverage, to eligible public school employees and their dependents in New Jersey. It defines who qualifies as an employee and dependent, specifying that full-time workers must work at least 25 hours per week and that dependents include spouses, domestic partners, and unmarried children up to age 31. The legislation creates a board of trustees to manage the fund and ensure its assets are used solely for the benefit of the covered individuals. Additionally, the bill includes an appropriation to fund the initial operations of this new trust.

Topics ✓ Budget & Taxes ✓ Education ✓ Healthcare ✓ Labor & Employment

Sub-Topics Appropriations Prescription Drugs

in committee · New Jersey · Senate Jun 26, 2026

S 4521: Provides CBT and gross income tax credits for construction or expansion of certain meat processing facilities.

This bill offers tax credits to businesses in New Jersey that build or expand rural meat processing facilities. To qualify, projects must include specific equipment like smokehouses, sausage lines, packaging areas, or cold storage units and work with regional agricultural centers to support local supply chains. Eligible companies can receive a credit equal to 20% of their project costs, or 30% if they include the required specialized equipment, with a maximum cap of $5 million per project. The total amount of credits available under this program is limited to $50 million, and unused credits can be carried forward for up to four years. Additionally, the state will require a report five years after the law takes effect to evaluate how well the program encourages new facility construction.

Topics ✓ Budget & Taxes

Sub-Topics Income Tax

signed · New Jersey · Senate Jul 30, 2026

S 4424: Appropriates $15,546,575 to DEP from constitutionally dedicated CBT revenues for grants to certain nonprofit entities to acquire or develop lands for recreation and conservation purposes, and for certain administrative expenses.

This bill directs approximately $15.5 million from dedicated corporation business tax revenues to the Department of Environmental Protection for land conservation and recreation projects. The funds will provide grants to nonprofit organizations to purchase or develop land for open space, with specific allocations for land acquisition, park development, and stewardship activities. Additionally, the legislation allows the department to use leftover money from canceled projects to provide extra funding to previously approved initiatives, subject to oversight committee approval.

Topics ✓ Budget & Taxes ✓ Environment

Sub-Topics Business Taxes Conservation Parks & Recreation

in committee · New Jersey · General Assembly Jun 28, 2026

A 5280: Requires return of unexpended balances from certain FY2023, FY2024, and FY2025 appropriations to Hudson County; authorizes supplemental appropriation to Hudson County for general operating aid.

This bill requires Hudson County to return up to $28.1 million in unspent state funds from fiscal years 2023 through 2025, which were originally allocated for jail operations and correctional facility renovations. The county must transfer these unexpended balances to the State Treasurer by June 30, 2026, for deposit into the Property Tax Relief Fund. In exchange for returning the money, the bill authorizes the state to provide a supplemental appropriation of up to $28.1 million to Hudson County as general operating aid. The total amount of this new aid cannot exceed the sum of the unspent funds returned by the county and is subject to approval by the Director of the Division of Budget and Accounting.

Topics ✓ Budget & Taxes

Sub-Topics Appropriations Property Tax

vetoed · New Jersey · General Assembly Jun 30, 2026

A 5327: Appropriates $60,743,569,000 in State funds and $30,495,124,195 in federal funds for the State budget for fiscal year 2027.

This bill authorizes the New Jersey State budget for fiscal year 2027 by allocating approximately $60.7 billion in state funds and $30.5 billion in federal funds. The legislation distributes these resources across various government departments, including education, health, and human services, with specific amounts designated for direct state services, grants, and state aid. While the total appropriation is slightly higher than the governor's original proposal, the bill ensures that anticipated revenue covers projected spending for the upcoming fiscal year.

Topics ✓ Budget & Taxes

Sub-Topics Appropriations State Budget

in committee · New Jersey · General Assembly Jun 23, 2026

A 5319: Eliminates fee on electronic transfer of funds into incarcerated persons' accounts; makes appropriation.

This bill requires the New Jersey Department of Corrections and the Youth Justice Commission to stop charging fees when families send money electronically to incarcerated individuals and youth. It mandates that all correctional facilities, including private ones, allow deposits through online platforms, mobile apps, or phone calls without transaction costs. To fund this change, the legislation authorizes the state to provide necessary money from the General Fund to both agencies. The rules must apply uniformly across all facilities in the state, and the law will take effect thirteen months after being passed.

Topics ✓ Budget & Taxes ✓ Criminal Justice ✓ Technology

Sub-Topics Appropriations State Budget Corrections

All budget & taxes bills