The Murphy administration will have some extra time to prepare the budget for the fiscal year 2023. Both the Senate and Assembly Monday approved legislation that gives Gov. Phil Murphy until Tuesday, March 8 to deliver his budget message to the Legislature. Under current law, the budget address must be given on or before the fourth Tuesday in February. Lawmakers noted similar extensions have been given in the past for other governors. By delaying the budget announcement, the administration will get additional data on the state of tax revenues. The legislation was passed over the opposition of Republican lawmakers who objected to the extended timeline, saying it was a political move.
Think your property taxes are high? It could be worse. NJ Spotlight News reviewed property-tax data going back a decade to measure the impact from the agreement that placed an annual 2% cap on property-tax increases starting in 2011. For the analysis in detail — and for a look at new legislative efforts regarding property taxes — read the article.
The state is launching a program designed to help microbusinesses by providing them with more financing options. The New Jersey Economic Development Authority’s Main Street Lenders Grant is a pilot program that will provide grants to financial institutions that lend money to businesses or nonprofits with 10 employees or fewer. Lenders can use the grants to create new business loan products or to supplement existing ones. Forty percent of the lending must go to businesses and nonprofits in Opportunity Zones or distressed areas in need of economic development.
