Budget & Taxes in New Jersey

in committee · New Jersey · General Assembly Mar 16, 2026

A 4698: Imposes 10 percent electric public utility windfall surtax on taxpayers with allocated taxable net income in excess of $10 million under CBT.

This bill introduces a 10 percent surtax on electric public utilities in New Jersey that earn more than $10 million in taxable net income, targeting companies with high profits. The tax applies to utility providers subject to the state's Corporation Business Tax and is calculated based on their allocated taxable net income for privilege periods starting after the bill's enactment. Revenues collected from this surtax, excluding amounts reserved for open space and historic preservation, will be directed to the Board of Public Utilities to fund programs that assist low-income residential customers with utility bills. Additionally, the bill prohibits the Board of Public Utilities from approving any rate increases that would include the costs associated with complying with this new tax.

Topics ✓ Budget & Taxes

Sub-Topics Business Taxes

in committee · New Jersey · Senate Mar 19, 2026

S 3970: Requires benefits under certain State property tax relief programs to be provided as credits and requires tabulation of credits and deductions be included on property tax bills.

This bill requires that benefits from New Jersey's Anchor, homestead property tax reimbursement, and Stay NJ property tax relief programs be applied as credits directly on property tax bills rather than as separate payments. It affects homeowners and residents of cooperatives, mutual housing corporations, and continuing care retirement communities who qualify for these state tax relief programs. The legislation mandates that property tax bills clearly display all credits and deductions, and it updates payment schedules to ensure credits are distributed quarterly or on a rolling monthly basis depending on when applications are submitted. Housing entities receiving credits on behalf of residents must pass these amounts as credits against charges for the resident's share of property taxes.

Topics ✓ Budget & Taxes

Sub-Topics Property Tax Tax Credits

in committee · New Jersey · Senate Mar 10, 2026

S 3827: Establishes advertisement grant program for NJ emerging businesses.

This bill creates a grant program to help New Jersey emerging businesses cover advertising and marketing costs. It defines eligible businesses as those with fewer than 225 employees, at least 75% of whom work in New Jersey, and that operate within the state. The New Jersey Economic Development Authority will manage the program, review applications on a rolling basis, and determine grant amounts based on available funds. Recipients must submit annual audited financial statements to ensure proper use of funds, and grants may be converted to loans if misused.

Topics ✓ Budget & Taxes

in committee · New Jersey · General Assembly Mar 10, 2026

A 4662: Requires State agencies to submit certain documentation for procurement of certain information technology projects.

This bill requires New Jersey state agencies to submit detailed documentation before procuring certain large-scale information technology projects. Specifically, agencies must provide a written business case for any IT project exceeding $2.5 million, which must include details on the project's need, budget, operational impacts, available options, anticipated benefits, risk analysis, and change management assessment. Additionally, agencies must submit a change management plan for projects over $2.5 million that involve multiple agencies or significantly alter existing business processes, and these plans must be shared with several state offices including the Office of Information Technology and the Office of Management and Budget. The documentation must be submitted at least 30 days before requesting state funds or issuing procurement documents, and agencies may consult with external experts to develop these plans.

Topics ✓ Budget & Taxes

Sub-Topics Procurement

in committee · New Jersey · General Assembly Mar 10, 2026

A 4674: Revises criteria to establish base year for homestead property tax reimbursement after relocation.

This bill updates the rules for determining the base year used to calculate homestead property tax reimbursements for eligible New Jersey residents who relocate. It directly affects seniors and disabled individuals who own or rent their primary residence and meet specific income requirements. The key change clarifies that when an eligible claimant moves to a new home, the base year for tax reimbursement calculations will be the first full tax year before they live in the new property, with exceptions for new construction and continuity for those who previously received the credit. The legislation also maintains existing eligibility criteria regarding age, disability status, and income limits while preserving the base year for those already receiving the Stay NJ property tax credit.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Property Tax Tax Credits Property Taxes Renters

in committee · New Jersey · Senate Mar 19, 2026

S 3989: Establishes gross income tax credit for cost of certain postage for sending goods to members of United States Armed Forces and National Guard who are serving their country away from home.

This New Jersey bill creates a state tax credit for residents who pay postage to send Priority Mail packages to active-duty military personnel and National Guard members serving away from home. The credit directly offsets the income tax owed by taxpayers who incur these mailing costs, allowing them to claim reimbursement for the postage expenses paid to the United States Postal Service. The provision applies to taxable years beginning on or after January 1 following the bill's enactment, with any unused credit amount treated as an overpayment for state tax purposes. This measure aims to reduce the financial burden on families supporting service members stationed domestically or abroad.

Topics ✓ Budget & Taxes ✓ Veterans

Sub-Topics Income Tax Tax Credits National Guard & Reserve

in committee · New Jersey · Senate Mar 10, 2026

S 3850: Increases certain power vessel operator license fees and amount dedicated from license fees to Lake Hopatcong Fund.

This bill increases the fee for 48-month power vessel operator licenses in New Jersey from $18 to $30 and adds a $6 charge for digitized color pictures on each license. The additional revenue generated from these fees will be partially allocated to the Lake Hopatcong Fund, increasing the annual contribution from $500,000 to $750,000. The Lake Hopatcong Fund supports the Lake Hopatcong Commission in managing and preserving the lake. These changes apply to all power vessel operators in the state and take effect immediately upon enactment.

Topics ✓ Budget & Taxes

in committee · New Jersey · Senate Mar 10, 2026

S 3839: Allows corporation business tax and gross income tax credits to businesses employing certain persons with developmental disabilities.

This New Jersey bill allows businesses to receive tax credits for employing individuals with developmental disabilities, including those with intellectual disabilities, autism, cerebral palsy, and other neurological conditions. The credits apply to both corporation business tax and gross income tax, providing up to $2,400 per employee based on 40% of the first $6,000 in wages paid annually. The legislation includes safeguards to prevent abuse, such as denying credits if a company replaces existing employees solely to qualify for the benefit or if wages are already claimed under other tax programs. Businesses must apply for these credits through the state director, who will determine eligibility and ensure the total credits do not exceed 50% of the taxpayer's liability.

Topics ✓ Budget & Taxes ✓ Labor & Employment

Sub-Topics Business Taxes Income Tax

in committee · New Jersey · General Assembly Mar 19, 2026

A 4787: "Atlantic City Urban Enterprise Zone and Property Tax Relief Act"; creates urban enterprise zone in Atlantic City for 10 years.

This bill creates a 10-year urban enterprise zone in Atlantic City to encourage economic development and business investment in the area. It defines specific criteria for businesses to qualify for the zone, requiring them to hire employees who are local residents, unemployed for at least six months, or classified as low-income individuals. The legislation also establishes rules for businesses operating on casino property, allowing them to qualify if they meet the employment requirements, while excluding casinos themselves from qualified business status. By amending existing state statutes, the bill provides a framework for tax relief and development incentives aimed at supporting local employment and community growth in Atlantic City.

Topics ✓ Budget & Taxes

Sub-Topics Property Tax Tax Incentives Tags Economic Development

in committee · New Jersey · Senate Mar 19, 2026

S 3956: Concerns public broadcasting funding; makes appropriation.

This bill directs the New Jersey Legislature to annually appropriate $9.6 million from the State General Fund to the Trust Fund for the Support of Public Broadcasting, beginning in Fiscal Year 2026. The funding is intended to support public broadcasting operations in New Jersey, which are currently managed by Public Media NJ, Inc. The appropriation replaces interest income that would have been generated if earlier asset sale proceeds had been deposited in the trust fund as originally planned. This measure ensures continued financial support for public television and radio programming without altering the operational structure of the public broadcasting system.

Topics ✓ Budget & Taxes

Sub-Topics Appropriations State Budget

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