In an effort to get a State budget passed by Saturday and avert a government shutdown, Governor Phil Murphy offered a compromise between his proposed budget and the budget that passed in the Democrat controlled legislature last week, according to NJBiz.
Murphy has previously threatened to veto or line item veto the legislature’s budget.
According to NJBiz, Murphy has proposed a lower corporate business tax increase than the legislature passed and to phase in the sales tax increase proposed over two years. The Governor said he would accept the School Funding Formula proposed by Senate President Steve Sweeny, which has passed the legislature.
Murphy also agreed to the Homestead Rebate Programs and a 45 day tax amnesty program proposal backed by Assembly Speaker Craig Coughlin.