Budget & Taxes in New Jersey

in committee · New Jersey · Senate Jan 13, 2026

SCR 35: Amends Constitution to require that State tax bills pass both Houses of Legislature by three-fifths majority vote.

SCR 35 proposes a constitutional amendment requiring all bills or joint resolutions levying a new state tax or increasing an existing tax to pass both the New Jersey Senate and General Assembly by a three-fifths majority vote, instead of the current simple majority. This change would directly affect tax-related legislation, making it harder to pass tax measures by raising the required voting threshold in both chambers. The amendment would amend Article IV, Sections IV paragraph 6 (voting requirements) and VI paragraph 1 (revenue bill rules) of the state constitution. If approved by voters, this rule would apply to tax bills introduced after January 9, 2007.

Topics ✗ Budget & Taxes

in committee · New Jersey · Senate Jan 13, 2026

S 2616: Makes supplemental appropriation of $500,000 to DOH for Huntington's Disease Grant Program.

This bill adds $500,000 in supplemental funding to New Jersey's Huntington's Disease Grant Program within the Department of Health. The funds will support grants to institutions of higher education, non-profits, and New Jersey-based research organizations for services including pre-symptomatic testing, neurology care, counseling, and disease management. It directly benefits approximately 900-1,200 New Jersey residents living with Huntington's disease and an estimated 7,000 at-risk individuals. The supplemental appropriation increases the program's total FY2023 funding from $200,437 to $700,437. The bill does not change eligibility but expands existing support for medical care and counseling.

Topics ✓ Budget & Taxes ✓ Healthcare

Sub-Topics Appropriations

in committee · New Jersey · Senate Jan 13, 2026

S 3053: Permits exterior-based property reassessments within eight years of last municipal-wide revaluation.

S 3053 extends New Jersey's allowable timeframe for municipalities to conduct exterior-only property reassessments from four to eight years after the last full municipal revaluation that included interior inspections. This change reduces the frequency at which costly full revaluations (requiring interior property inspections) must be performed by local governments. Municipalities can now use exterior-only reassessments if interior inspections occurred within the previous eight years, rather than the current four-year requirement. The bill directly affects New Jersey municipalities managing property tax assessments, providing cost-saving flexibility without altering assessment methods.

Topics ✓ Budget & Taxes

Sub-Topics Property Tax

in committee · New Jersey · Senate Jan 13, 2026

S 945: Provides CBT and GIT tax credits to certain food and drink establishments for purchase of certain local ingredients and products.

This bill creates tax credits for New Jersey restaurants, bars, breweries, wineries, and food manufacturers that purchase local ingredients. Businesses can claim a 10% credit on qualifying purchases of NJ-grown fruits, vegetables, or other ingredients (capped at $10,000 per year), provided they submit receipts, proof of local origin, and menus or documentation showing the ingredients are used in food/beverage preparation. The credit applies against corporate business tax liability, cannot exceed 50% of the tax due, and may be carried forward for up to 20 years if unused. It directly supports local farms and food producers by incentivizing New Jersey-based sourcing for food and drink establishments.

Topics ✓ Budget & Taxes

Sub-Topics Business Taxes

in committee · New Jersey · Senate Jan 13, 2026

SR 49: Urges Congress to establish national infrastructure bank.

This Senate resolution (SR 49) urges Congress to pass H.R.3339, which would establish a national infrastructure bank to address significant funding gaps for large-scale infrastructure projects. The proposed bank would generate capital by selling U.S. Treasury bonds to private investors, then lend funds to state and local governments for projects like roads, bridges, broadband, and energy systems. It directly affects states and municipalities by providing a dedicated, long-term funding source for infrastructure modernization, which the resolution cites as critical due to aging systems and climate-related strain (e.g., New Jersey’s 29% of roads in poor condition). The resolution emphasizes that current funding mechanisms are insufficient, and the bank model is used by other nations and historically by the U.S. for major economic investments.

Topics ✓ Budget & Taxes ✓ Energy ✓ Technology ✓ Transportation

Sub-Topics Broadband Access Bridges Transportation Funding

in committee · New Jersey · Senate Jan 13, 2026

S 2541: Credits $2.35 billion to "New Jersey Debt Defeasance and Prevention Fund"; appropriates $4.32 billion to Department of Treasury to provide funds to municipalities and counties for debt retirement and avoidance.

S 2541 allocates $4.32 billion from New Jersey's Debt Defeasance and Prevention Fund to help all 565 municipalities and 21 counties retire existing local debt or fund capital projects (like water systems, parks, or public safety facilities) without issuing new bonds. It directs the Department of Treasury to distribute $3 billion to municipalities equally per resident and $1.32 billion to counties equally per resident, with all funds to be distributed within 30 days of enactment. The bill adds $2.35 billion to the fund from the General Fund to support this allocation. This directly affects every local government in New Jersey by providing immediate, equitable funding for debt reduction and infrastructure.

Topics ✓ Budget & Taxes

Sub-Topics State Budget

in committee · New Jersey · Senate Jan 13, 2026

S 2860: Establishes Artificial Intelligence Apprenticeship Program and artificial intelligence apprenticeship tax credit program.

This bill establishes a new Artificial Intelligence Apprenticeship Program within New Jersey's Department of Labor to create training opportunities in AI technology, data analytics, and automation. It also creates a tax credit for employers hiring qualified AI apprentices, allowing them to claim up to $5,000 per apprentice (half of wages paid, capped at $5,000) for taxable years beginning in 2026. To qualify, employers must hire unskilled or semi-skilled apprentices for at least 20 weeks in a program meeting state and federal standards, covering roles like generative AI development. The program will partner with AI companies and educational institutions to design training pathways. The tax credit applies to both corporate business tax and gross income tax.

Topics ✓ Budget & Taxes ✓ Labor & Employment ✓ Technology

Sub-Topics Business Taxes Income Tax Tax Credits Apprenticeships Artificial Intelligence

in committee · New Jersey · Senate Jan 13, 2026

S 467: Allows political subdivisions of State to purchase unused sick leave from officer or employee under certain circumstances; prohibits authorizing special emergency appropriations for unused sick leave purchases.

This bill (S 467) modifies New Jersey law to regulate how local governments can purchase unused sick leave from public employees. It sets a $15,000 cap on supplemental retirement payments for unused sick leave, limits annual purchases to 120 hours per employee (at 60% of the leave's value based on pensionable compensation), and requires employees to retain at least 800 hours of unused sick leave. The bill applies to political subdivisions (like cities and counties) and covers most public employees, excluding certain licensed professionals (e.g., health officers, tax assessors, municipal clerks). It also clarifies that sick leave purchases are discretionary and not subject to collective bargaining.

Topics ✗ Budget & Taxes ✗ Labor & Employment

Sub-Topics Collective Bargaining

in committee · New Jersey · Senate Jan 13, 2026

S 141: Establishes loan program for first-time homebuyers who move to areas with most abandoned properties; appropriates $5 million.

This bill establishes a $5 million loan program to help first-time homebuyers repair homes in areas with high numbers of abandoned properties. It provides interest-free, deferred loans (up to $10,000) for basic repairs like plumbing, electrical work, or roofing, which borrowers repay only when selling the home. To qualify, applicants must be first-time homebuyers moving to one of New Jersey's 10 municipalities with the most abandoned properties (or within five miles of those areas) and meet at least four specific criteria, such as having a degree, being a veteran, or committing to community service. The program is funded through a state appropriation and requires the Housing Agency to define eligible areas within nine months of the bill's passage.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Appropriations Homeownership

in committee · New Jersey · Senate Jan 13, 2026

S 1874: Establishes "New Farmers Improvement Grant Program" to provide matching grants for farm improvements to beginning farmers.

This bill establishes New Jersey's "New Farmers Improvement Grant Program" to provide matching grants for beginning farmers making specific farm improvements. Beginning farmers (defined as those with no prior farming experience, farming for 10 years or less in NJ, or qualifying under federal law) can apply for grants of $15,000-$50,000, covering up to 50% of project costs. Grants fund projects that diversify farming operations (like expanding crop types), implement sustainable practices (such as organic farming or water conservation), or create partnerships with food hubs. To qualify, applicants must operate a farm ≤150 acres, have $10,000+ in annual sales, and actively participate in farming.

Topics ✓ Budget & Taxes ✓ Environment

Sub-Topics Conservation

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