The gavels are down at the statehouse in Trenton. While we wait for Governor Murphy to sign the FY2026 budget bill into law, New Jersey Policy Perspective has released statements on three significant budget decisions that emerged from the legislative process:

Cannabis Social Equity Excise Fee: NJPP criticizes lawmakers for rejecting the Governor’s proposal to increase the fee to 15%, calling it a missed opportunity for communities harmed by the War on Drugs.

Film Tax Credit Expansion: NJPP opposes the $250 million Hollywood subsidy expansion, arguing it diverts resources from struggling families while loosening accountability requirements.

Realty Transfer Fee Increase: NJPP supports the expansion of transfer fees on property sales over $2 million, calling it a fair way to raise revenue from the state’s wealthiest residents.

Our policy analysts Marleina Ubel (ubel@njpp.org) and Peter Chen (chen@njpp.org) are available for interviews and additional context on these issues.

I'll be back in touch with NJPP's comprehensive budget statement once the Governor signs the bill into law.

Full statements and contact information are available at https://www.njpp.org/media/press-releases/