New Jersey lawmakers advance $56.6 billion budget, hiking taxes on businesses aiming to help transit

New Jersey lawmakers have unveiled and advanced a $56.6 billion budget. The plan is up 4.2% over the current year’s spending plan. It was introduced late Wednesday after legislative leaders and Democratic Gov. Phil Murphy held behind-the-scenes talks. It comes just four days before a constitutional requirement to pass a balanced budget by July 1. The plan would hike taxes on high-earning businesses and allocate billions for education and transit among other items. A final vote will take place later in the week. The budget reflects Murphy’s request earlier this year for new taxes on businesses with the goal of eventually helping New Jersey Transit.