SOUTH JERSEY (KYW Newsradio) — New Jersey’s 2026 fiscal budget appears on track for approval ahead of the deadline on July 1.
Sources close to the talks said details were hammered out and there’s an agreement between top Democrats in Trenton and Gov. Phil Murphy’s office. This will be Murphy’s final, and biggest, budget at $58 billion, approaching double the $34 billion in 2016.
This budget includes tax increases for online gambling and luxury home sales over $1 million. It fully funds the Stay NJ property tax rebate for seniors, K-12 schools, and state worker pensions while maintaining a $6 billion surplus.
It does not include tax increases on bowling alleys, batting cages, laser tag and other recreational activities as previously proposed.
July 1 is the deadline. Both the Senate and Assembly have to formally approve the budget in a vote, which could happen on Friday.