The end of August is often a quiet time in state government, but 2020 has been anything but normal. Toward that I wanted to update you on all that is going in Trenton.
Back on Feb. 25, the day of Governor Murphy’s first budget address before the pandemic, NJBIA provided to you all NJBIA’s First Glance on the FY 2021 State Budget. So now six months later, NJBIA is providing a second first glance at Governor Murphy’s proposed FY 2021 state budget. He is planning to spend $40.1 billion – an increase of $1.4 billion or 3.6% from the prior FY 2020 signed budget. This morning, Governor Murphy issued his revised FY 2021 state budget proposal that I summarize here.
To discuss that budget and especially its $1 billion in new taxes, NJBIA is inviting you to the next meeting of our NJBIA/Chamber Joint Tax & Economic Development Committee on Sept. 11 at 9 a.m. Please register here.
Lastly, I thought new Treasury guidance on the sales tax implications of COVID-19 precaution costs was interesting.
Please email me at email@example.com if you have any questions or want to weigh in on NJBIA’s budget advocacy.
Thank you and I look forward to working with you to continue to help your business in these challenging times.
–Christopher Emigholz – NJBIA, Vice President of Government Affairs