Sarlo-Oroho-Bucco Bill Extending Tax Deadline & Fiscal Year Now Law

TRENTON – The tax filing deadline and the state fiscal year will both be extended under terms of legislation authored by Senator Paul Sarlo, Senator Steve Oroho and Senator Anthony Bucco that was signed into law today by Governor Phil Murphy. The law, S-2338, the “COVID-19 Fiscal Mitigation Act,” will change the tax deadline from April 15^th to July 15^th and lengthen the current fiscal year from July 1^st to the end of September.

“The ongoing public health crisis is creating severe financial hardship for the people of New Jersey as well as fiscal fallout for the state,” said Senator Sarlo, the chairman of the Senate Budget and Appropriations Committee. “We don’t yet know the full dimensions of the financial consequences for residents, businesses and the state, but there is no doubt that we all face some hard times. The extensions will give taxpayers more time to calculate and manage their finances, and will provide state officials a workable timetable to craft a budget that addresses our critical needs.”

“Every person, family, business, and government agency in New Jersey is struggling to understand the impact on their finances as a result of this unprecedented public health crisis that has shut down much of our economy and impacted the jobs of so many workers,” said Senator Oroho, the Senate Republican Budget Officer. “This law will provide taxpayers a much needed pause and give the State additional time and data to rework the upcoming budget to meet emergent needs within the confines of a rapidly changing revenue situation.”

“Since we don’t know how long the underlying health crisis will last, we also don’t know how long it will take for the resulting economic crisis to subside,” said Senator Bucco. “Given that uncertainty, the challenges faced by taxpayers, and our inability to know if a State budget rushed to passage under these circumstances would truly be balanced as required by the New Jersey Constitution, changing the tax filing deadline and extending the state fiscal year are prudent moves. Time will offer clarity on our fiscal picture and guidance on the best path forward.”

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