TRENTON – Lawmakers have reached a budget agreement in Trenton.
After weeks of acrimony and just hours prior to a midnight deadline, details of a deal just reached among Governor Phil Murphy, Senate President Steve Sweeney and Speaker Craig Coughlin included:
10.75% on a $5 million income threshold millionaire’s tax; a “mega millionaire’s” tax.
2.5% hike on the state’s corporate business tax (CBT) for a four year-period.
The sales tax hike is dead.
Allies on both sides predictably began chest-thumping in the immediate aftermath, but for the official particulars, the three Democratic leaders will appear together shortly here at 225 West State Street, the Governor’s makeshift headquarters.
Sweeney had resisted any version of a millionaire’s tax until yesterday, when he proposed a mega millionaire’s tax with the $5 million income threshold.
Murphy refused to take it, insisting on a lower income threshold, but today struck the basics of the deal on the table Friday. The Governor did move Sweeney on the CBT, getting the senate president to drop from his initial proposal of a three percent hike to two.
The Assembly has a 7 a.m. caucus and 8 a.m. voting session on Sunday.
Update: At 7:07 p.m, The Governor’s Office released this schedule:
Governor Phil Murphy – Public Schedule
Saturday, June 30, 2018
When: 7:30 p.m.
What: Governor Murphy, Lieutenant Governor Oliver, Senate President Sweeney, and Speaker Coughlin to Make an Announcement
Where: 225 West State Street, First Floor Media Room, Trenton, NJ
Press: Open, availability