state budget

The 2022 state budget appropriates $46.4 billion, including $6.9 billion toward pensions. There's no extra money toward NJ Transit or the school aid formula.

The state already plans to pay rebates of up to $500 to families this summer. Republicans suggest some of the $10 billion surplus should be used similarly.

After being told repeatedly there's no money for their cause, advocates for COVID aid to unauthorized immigrants say there's now state and federal cash to use.

The state government is awash in cash and now anticipates a $10 billion surplus at the end of the month. It no longer will tap its rainy day fund for 2022.

Lawmakers have begun advancing a plan offered by Gov. Phil Murphy in the proposed budget to expand income eligibility by $10,000 for PAAD and Senior Gold.

Final revenue forecast is delayed but expected to grow by hundreds of milions of dollars. Better sales tax and realty transfer taxes get the credit.

Though the state approaches its new budget with a huge surplus, analysts are cautioning a fiscal cliff could await a year later. Federal funds might delay it.

The state's emergency COVID borrowing cannot be repaid early, but Treasury Department says it makes more sense to repay other debt with higher interest rates.

After interest-only payments are made in 2021 and 2022, yearly payments are expected to be slightly more than $500 million for the 10 years that follow.

Bill sponsor says the tax would be imposed for two years at a rate of 1/100th of a penny, rather than a quarter of a penny.