Budget & Taxes (Revenue)

S 202 requires Rutgers University’s Bloustein School to study how military installations in New Jersey affect the state economy, including jobs, tax revenue, infrastructure projects, and overall economic impacts. The study must analyze direct and indirect effects at both state and county levels, with a report due to the Governor and Legislature within one year. The bill allocates $155,000 from state funds to cover Rutgers’ costs for conducting the study. The findings will provide data to inform state budget and planning decisions related to military installations.

This bill requires New Jersey's Department of the Treasury to conduct and publicly report a triennial stress test analyzing the state's ability to maintain essential services during economic shifts. The analysis must include projections of tax and federal revenue, comparisons to historical trends, expected changes in spending, accounting of state reserves (like the Surplus Revenue Fund), and recession response options. The report must be posted online and included in the Governor's annual budget message. This applies directly to state budget planning and fiscal transparency, affecting how New Jersey prepares for economic downturns. The bill takes effect immediately upon enactment.