At Monday’s Senate Budget and Appropriations Committee hearing, Chairman Sarlo indicated that the goal is to have the SFY2025 budget voted out of committee on Wednesday or Thursday with a floor vote on either Friday or Saturday. Now is the time to contact your State Legislators urging restoration of Energy Tax Receipts
The Legislature must approve and the Governor must sign the SFY2025 budget by July 1, otherwise state government will shut down. While specific details of the SFY 2025 budget are unknown at this time, it appears that the Governor, Senate President, and Assembly Speaker have a preliminary agreement on a new tax on corporations with more than $10 million in net annual income for five years with the funds dedicated to New Jersey Transit.
With a budget nearly complete, it is important that municipal officials continue to push their legislators to fully restore funding to Energy Tax Receipts. If you have not done so already, please reach out to your State Senate and Assembly representatives urging funding in the SFY2025 budget to fully restore Energy Tax Receipts.
Contacts: Mike Cerra, Executive Director, mcerra@njlm.org, 609-695-3481, x120 and Andrew LaFevre, Legislative Analyst, alafevre@njlm.org, 609-695-3481, x116.