NJ PASSES FISCAL YEAR 2025 BUDGET

On June 28, 2024, Governor Murphy signed the Fiscal Year 2025 Budget. A few highlights in the $56.7 billion budget include:

  1. Corporate Transit Fee (CTF) which is a 2.5% tax on corporations with over $10 Million in profits. This new tax is retroactive to January 1, 2024 and is intended to provide funding for NJ Transit. The CTF does not apply to NJ S Corporations and is set to expire on December 31, 2028.
  2. Provides for over $200 Million in funding for the StayNJ Property Tax Relief Program. The StayNJ Program is scheduled to begin on January 1, 2026 and intended to make NJ more affordable for seniors by providing a 50% Property Tax Credit up to $6,500 for taxpayers with gross income less than $500,000.
  3. Provides over $7 billion to fully fund the states public worker pension obligation.
  4. Repeals the previously announced Sales Tax Holiday on sales to individuals of certain computers, school supplies and sports or recreation equipment.

Additional information on the 2025 budget is available in the summary on the Governor’s office website at NJ Fiscal Year 2025 Budget at a Glance.

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