June 28, 2024
|
New Jersey Legislature Approves $56.6 Billion FY2025 Budget Bill |
|
On Wednesday, June 26, 2024 the New Jersey Legislature released its $56.6 billion Fiscal Year 2025 (FY2025) state budget proposal, a record high state budget that allocates $728 million more than Governor Murphy's proposed $55.9 billion budget. Today, June 28, 2024, both the New Jersey Assembly and Senate passed the budget resolution, which now goes to Governor Phil Murphy's desk to be signed into law before the start of FY2025 on Monday, July 1, 2024. One item critical to finalizing budget negotiations between the Governor and the Legislature this past week was agreement to move ahead with a 2.5% tax on businesses with profits of $10 million or more to fund NJ Transit improvements, though limiting the increase to five years. Once that was settled, the Legislature moved quickly to have a budget bill ready to be heard on Wednesday. Click here to access the FY2025 budget bill as passed by the New Jersey Legislature, and click here to access NJAMHAA's summary of the FY2025 budget bill, including both changes the Legislature had made to the Governor's proposed FY2025 budget that are relevant to NJAMHAA members, and the many significant items that were included in the Governor's original proposal. Additionally, click here to access the New Jersey Legislature's Score Sheet which outlines funding changes, and click here to access a document outlining language changes from the Governor's proposal made by the Legislature. |
