Tax on wealthy, business incentives emerging as top issues in New Jersey
(NJ State House Tours)
TRENTON, N.J. - Raising taxes on the wealthy and renewing an expiring business incentive program are emerging as top fights as New Jersey's budget deadline approaches.
The Democrat-led Legislature and Democratic Gov. Phil Murphy face a July 1 deadline to enact a balanced spending plan.
Despite Democratic control of state government, Murphy and Senate President Steve Sweeney, in particular, are clashing over Murphy's proposal to hike income taxes on people earning more than $1 million.
The state's business tax incentive programs also are slated to expire July 1. Murphy has called for capping the currently uncapped program, but the debate has been overshadowed by the work of a task force the governor established to investigate potential wrongdoing in the Chris Christie-era programs.