Lawmakers have reached a budget deal in Trenton, with Gov. Phil Murphy giving the most room on a compromise, handing Senate President Steve Sweeney and Assembly Speaker Craig Coughlin a good deal of power heading into the next fiscal year but averting an embarrassing government shutdown.
Sources say Murphy agreed to a multi-millionaire tax bracket that kicks in at $5 million, a larger figure than the $1 million breakpoint sought by the governor. Though, sources say the tax will come in at the 10.75% sought by the governor.
Legislators won the hike they sought on the corporate business tax, though it will be lower than their initial proposal, at 2.5%.
The sales tax sought by Murphy didn’t make it into the budget deal.
Legislators will be back in Trenton tomorrow to push through the budget deal.
The deal will get passed after tonight’s deadline, but Murphy can keep the government open in the interim. It’s not clear whether or not promised obstruction from Assembly Minority Leader Jon Bramnick will extend long enough past the deadline to force a shutdown.
In any case, Bramnick could delay the deal’s passing by denying Murphy and lawmakers the ability to move the bill on an emergency basis. Doing so required a three-quarters vote in both chambers.