NJBIA Chief Government Affairs Officer Christopher Emigholz burned the midnight oil to break down what the implications are for New Jersey businesses in Gov. Phil Murphy’s proposed $58.1 billion state budget for the fiscal year that begins July 1.
In an analysis prepared for his live webinar at 4 p.m. today, Emigholz notes the FY26 budget plan released Tuesday afternoon contains over $1 billion in anti-business tax increases. These include a new warehouse truck tax, higher realty transfer fees, expansion of the sales tax base to include more goods and services and higher “sin taxes” on alcohol, cigarettes, cannabis, and sports betting.
Emigholz notes NJBIA’s concerns about the rapid rate of spending growth in recent state budgets, which may not be sustainable without further tax increases and/or cuts that will harm the business community. The proposed $58.1 billion is $23.4 billion (67%) higher than the state budget eight years ago before Murphy took office, he said.
The bottom line: “Despite earlier reports of potential spending cuts, a focus on addressing the structural deficit and no new major taxes, this budget is larger and unsustainable again with a structural deficit and significant tax and fee increases,” Emigholz said. Now and I am so I just lost a hold on
Go here to read Emigholz’s deeper breakdown on how the proposed FY26 budget would impact businesses.
NJBIA will be working over the next few months as the Legislature’s budget hearings get underway to ensure the final spending plan is as pro-business as possible.
