New Jersey lawmakers advance budget hiking taxes on wealthy
Lawmakers in New Jersey advanced a $32.7 billion budget that hikes income taxes on millionaires and businesses.
The Democrat-led Assembly and Senate budget committees voted in favor Tuesday of the spending plan, with Republicans in opposition. Votes are expected in both chambers Thursday.
The nine-month budget was shortened because of the COVID-19 outbreak. When combined with the three-month, nearly $8 billion stop-gap budget that expires Sept. 30, the fiscal year 2021 plan is about 4% bigger than the previous year.
Lawmakers included an income tax increase on those making more than $1 million a year, as well as on businesses making over $1 million.
AP wire services helped contribute to this report.