Gov. Murphy Issues Proposed Budget for FY 2024

Governor Murphy issued his proposed budget today for New Jersey’s 2024 fiscal year. The proposed budget totals $53.1 billion, which is up from $48.9 billion last year. Among the most notable elements of the budget are the following:

• Sunsetting of 2.5 percent corporate business tax surcharge
• No new taxes or fees
• Continuing the ANCHOR property tax relief program
• A full payment ($7.1 billion) to the public worker pension fund
• A $10 billion surplus
• $2.35 billion set aside for debt relief

• Watch the Governor’s budget address or read the full text of his speech.
• Review the Budget at a Glance or the Budget in Brief.
• Read the NJCPA’s statement in response to the proposed budget.
• Get an in-depth analysis of the proposed budget at our IssuesWatch broadcast on March 21 or 27. It’s free for NJCPA members and provides 1.5 CPE credits.
• Detailed Budget Book