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N.J. Governor Wants Bonds to Offset Billions in Lost Revenue

  • Emergency may let state bypass court ban on deficit borrowing
  • Higher sales, property taxes if revenue doesn’t materialize
Phil Murphy

Phil Murphy

Photographer: David Dee Delgado/Bloomberg
Updated on

New Jersey Governor Phil Murphy is pitching a borrowing plan to help make up for billions of dollars of lost revenue in the current and next budget amid a virus-induced lockdown.

The New Jersey Covid-19 Emergency Bond Act, outlined in draft legislation seen by Bloomberg, would authorize the Murphy administration to issue general-obligation bonds and “emergency liquidity notes,” and apply for loans from the federal government “to maintain and preserve the fiscal integrity of the state.”