News & Analysis as of

State Budgets New Jersey

McCarter & English, LLP

New Jersey FY 2026 Budget Tax Law Changes

On June 30, 2025, Governor Phil Murphy signed into law the FY 2026 state budget (the “FY 2026 budget”), totaling $58.8 billion (see our prior alert New Jersey Enacts FY 2026 Budget: Key Takeaways). The FY 2026 budget...more

Cole Schotz

New Jersey’s Latest Budget Has Sweeping Changes to the Mansion Tax

Cole Schotz on

The latest budget passed by the New Jersey legislature and signed by term-limited Governor Phil Murphy quietly enacted changes to New Jersey’s Mansion Tax, which affects not only residential properties but commercial...more

Bressler, Amery & Ross, P.C.

New Jersey Modifies Mansion Tax on Sales of Real Property

The New Jersey state legislature has passed new legislation, as part of the State’s 2026 fiscal year budget, that directly and significantly impacts sellers and buyers of real property in New Jersey. Previously, a 1% fee...more

McCarter & English, LLP

Economic and Clean Energy Leadership in New Jersey—FY 2026 Budget Testimony Highlights

Last week, Tim Sullivan, CEO of the New Jersey Economic Development Authority (NJEDA), and Christine Guhl-Sadovy, president of the New Jersey Board of Public Utilities (BPU), presented their fiscal year (FY) 2026 budget...more

McCarter & English, LLP

FY 2026 NJDOT, NJ Transit, and MVC Budget Testimony

On May 5, 2025, New Jersey Department of Transportation (NJDOT) Commissioner Francis K. O’Connor, NJ Transit President and CEO Kris Kolluri, and Motor Vehicle Commission (MVC) Acting Chief Administrator Latrecia Littles-Floyd...more

McCarter & English, LLP

New Jersey FY 2026—Department of Education Budget Hearing

On April 21, 2025, New Jersey Department of Education (NJDOE) Commissioner Kevin Dehmer testified before the Assembly Budget Committee to present the Department’s FY 2026 budget proposal. The proposal outlines a $22.2 billion...more

McCarter & English, LLP

New Jersey FY 2026—Department of Health Budget Hearing

On April 3, 2025, New Jersey Department of Health (NJDOH) Commissioner Dr. Kaitlan Baston appeared before the Senate Budget and Appropriations Committee to present Governor Murphy’s proposed Fiscal Year 2026 State Budget for...more

McCarter & English, LLP

New Jersey Governor Phil Murphy’s FY2026 Budget Address: Key Highlights

In his final budget address, Governor Phil Murphy is proposing a $58.05 billion plan, with a strong emphasis on preserving funding for critical priorities while cutting spending on various programs. The address underscores...more

McCarter & English, LLP

New Jersey Fiscal Year 2025 Budget Overview

Following extensive deliberations and legislative actions, Governor Phil Murphy signed the Fiscal Year 2025 New Jersey Appropriations Act on Friday night, setting the state’s financial course for the upcoming fiscal year. The...more

McCarter & English, LLP

New Jersey FY 2025 – Department of Environmental Protection and Board of Public Utilities Budget Hearings

NJDEP is tasked with a multitude of responsibilities including overseeing statewide environmental governance through the divisions of Water Resource Management, Air Quality Energy and Materials Sustainability, Contaminated...more

McCarter & English, LLP

New Jersey FY 2025 – Transportation Department Budget Hearing

Fran O’Connor, acting commissioner of the New Jersey Department of Transportation (NJDOT); Kevin S. Corbett, president and CEO of NJ Transit (NJT); and Motor Vehicle Commission (MVC) Chief Administrator Latrecia Littles-Floyd...more

McCarter & English, LLP

FY2024 New Jersey Budget Review

After a tumultuous week of drafting and negotiations on State Street, Governor Phil Murphy has signed into law the Fiscal Year 2024 New Jersey Appropriations Act, formalizing the State’s budget for the upcoming fiscal year....more

Cole Schotz

New Jersey Is Planning To Raise $390 Million In Fiscal Year 2021 through Tax Hikes On Millionaires

Cole Schotz on

New Jersey Governor Phil Murphy and State Democratic leaders announced yesterday a revised fiscal year 2021 budget that raises the State’s gross income tax rate on income for families now earning between $1 million and $5...more

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