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He approached very closely, but New Jersey will not close for the second year in a row.
Gov. Phil Murphy and his Democratic colleagues who control the Legislature reached an agreement on the state budget on Saturday night, capping more than four months of drama
The agreement avoids a government shutdown that could shut down the national parks, offices eventually Atlantic City casinos. The budget battles forced a three-day shutdown last year, and an eight-day shutdown in 2006.
Discussions went on until the Murphy administration prepared emergency plans for a closure. place when the clock has passed midnight Saturday to start the fiscal year.
"Let's be clear: there will be no closure," Murphy said at a Saturday press conference with Senate President Stephen Sweeney and the president of the Senate. Assembly, Craig Coughlin, announcing the agreement. Expenditure plan and tax increases at 8 o'clock Sunday
The governor and legislators were striving to set up alternative tax plans in the hope of reaching a compromise, but they remained distant for a long time on the question of taxes. Of the agreement, income taxes of more than $ 5 million will increase from 8.97% to 10.75% and companies with net income in excess of $ 1 million will face a rise of four-year tax.
What you need to know about the main players in the budget drama
Companies will pay a surcharge of 2.5% this year and the next, followed by a 2% increase in the third year The New Jersey Savings Agreement raised the three-percentage-point sales tax for which Murphy had beaten as part of his budget plan and legislative bids aimed at doubling real estate transfer costs. on high-end home sales at 2% and extend sales tax to include short-term rentals.
Sweeney had fought Murphy hard on the case of a millionaire tax, saying that these high-income taxpayers were being hammered by federal tax reforms that capped local and national tax deductions at $ 10,000.
Murphy wanted the agreement to end a war of words that has been going on for several weeks between Sweeney, a veteran legislator and trade unionist, Murphy, a former Wall Street banker, and Coughlin, the London speaker. Rookie Assembly
Samantha Marcus can be contacted at [email protected]. Follow her on Twitter @samanthamarcus . Find NJ.com Politics on Facebook.
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