Bloomberg: Governor Says New Jersey Will Need ‘Revenue Raisers’ to Balance Budget - Garden State Initiative

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Bloomberg: Governor Says New Jersey Will Need ‘Revenue Raisers’ to Balance Budget

July 10, 2020

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By Elise Young and David Westin

New Jersey Governor Phil Murphy hinted at tax increases for next fiscal year, saying the state will need “revenue raisers” to balance the budget and recover from the pandemic.

The $7.6 billion stopgap budget Murphy enacted through Sept. 30 contained no new taxes. That won’t be the case for the fiscal 2021 budget, which is due to lawmakers on Aug. 25, he said Thursday during an interview with Bloomberg Television.

“We’re going to have to put some revenue raisers on the table as we go to our next budget,” he said.

Murphy’s statement on revenue increases is more definitive than those in past weeks. When previously asked about the possibility of raising or adding taxes and fees, Murphy had given a more general answer, often saying “everything is on the table.” The governor has been more vocal about the need for federal aid — as well as state approval to borrow — to deal with tax-revenue losses because of the lockdown he imposed March 21.

Though Murphy in recent weeks has eased some restrictions, he’s made good on a promise to pull back if the virus again takes hold. He scuttled a July 2 return to indoor dining as the daily transmission rate started climbing to above 1, indicating the virus is spreading. Restaurants can open indoor service now only if their design allows two sides to open for increased air circulation.

Read the full report here.