NJ's Budget Immediately Affects High Earners, Businesses

Law360 (July 30, 2018, 2:53 PM EDT) -- The recently enacted 2019 New Jersey budget includes funding for many of the ambitious initiatives that Gov. Phil Murphy touted while on the campaign trail. These include funding for increased transportation infrastructure, pre-K and community college investments, expansion of the earned income tax credit, as well as increased state pension funding. With the new budget, Gov. Phil Murphy signed into law a series of changes to the state tax laws to bring in additional revenue. These changes will have an immediate cost to the state’s highest earners and corporations.

Coming on the heels of a substantial tax hike related to the...

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