Murphy Signs N.J. Budget Minus Millionaire's Tax He Had Demanded
- Veto on parts of lawmakers’ bill that counted on more revenue
- Governor averts shutdown but sacrifices some of his priorities
Phil Murphy
Photographer: Ron Antonelli/BloombergThis article is for subscribers only.
New Jersey Governor Phil Murphy signed a $38.7 billion state budget that lacked his millionaire’s tax and scrubbed some initiatives from fellow Democrats who wanted higher spending than he had proposed.
The approval, on Sunday in his Trenton office, averted a government shutdown that could have started July 1, the start of the fiscal year. Murphy, a retired Goldman Sachs Group Inc. senior director, said the lawmakers’ budget counted on revenue rosier than estimates by his administration and the non-partisan legislative services office, and he couldn’t certify that the money would come through.