State revenues were down $3.5 billion in April, almost 60% less than a year earlier. Some might be delayed, not lost, as the tax deadline shifted to July.
Gov. Phil Murphy considers borrowing as much as $9 billion from the Federal Reserve and say without that or a federal rescue, major cuts would be coming.
The expected collapse of New Jersey’s tax revenues didn’t materialize in March collections, but state officials say the pain is merely deferred, not avoided.
Gov. Phil Murphy hasn’t yet identified changes in the post-coronavirus state budget though has indicated he’d still like to increase the millionaires tax.
The Murphy administration shifts appropriated funds into reserve, girding for the upheaval to the state budget anticipated due to the novel coronavirus.
Like all states, New Jersey’s state finances will feel the effects of the coronavirus. But its budget will suffer acutely due to its pre-existing condition.
From demands for extra spending to a decline in tax revenue, New Jersey's budget will be impacted by the coronavirus. Federal help is likely -- but how much?