The COVID-19 pandemic has strained and depleted the finances of state and local economies around the US. New Jersey is no exception. Citing deep revenue shortfalls, largely attributable to the pandemic, Governor Phil Murphy (D) signed the Fiscal Year 2021 state budget into law September 29. The budget legislation adopts several changes to the personal and corporate income tax laws designed to help raise revenue.
New Jersey budget expands Millionaire’s Tax extends CBT surcharge
October 12th 2020 10:46 AM • By Shelley Giberson
Shelley Giberson
Partner
