New Jersey state Assembly and Senate approve $56.6 billion 2025 state budget

The New Jersey state Assembly and state Senate have approved the $56.6 billion state budget.

The spending plan includes a corporate transit fee, which slaps a 2.5% tax on roughly 600 companies that make at least $10 million. The revenue from that tax will go to fund beleaguered New Jersey Transit.

“With this budget, we are going to make life more affordable for more families. We’re going to create new economic opportunities for our workers and our local businesses… above all, this is a budget that will put the needs of our families ahead of the wants of special interests,” Gov. Phil Murphy stated.

Murphy said that more than $27 billion from the budget “will be dedicated toward providing either direct or indirect property tax relief to millions of our state’s families.”

The head of the New Jersey Business and Industry Association says the tax will stifle economic growth and make New Jersey less affordable, saying "this spending package is overwhelmingly bad for our job creators, for our taxpayers and our overall fiscal responsibility."

The budget now heads to the governor's desk to be signed.