TRENTON – Senate President Steve Sweeney issued the following statement today on the agreement reached on the state budget:
“I want to thank Governor Murphy, Speaker Coughlin and the leadership teams from the Senate and Assembly for all their hard work and commitment. We have reached an agreement on a budget that we can all embrace and that will address our shared priorities. It embodies the values of Democrats and will serve the needs and best interests of the people of New Jersey.
“Putting together a responsible and effective budget was a challenge. That’s because the issues we face are challenging. This is what compromise and dialogue look like. None of us got all that we wanted, but the final plan is the product of the work of both the Legislature and the Governor.
“It is a fiscally responsible budget that addresses our shared priorities and our common goals. It includes the restoration of Homestead Rebates, a significant contribution to the pension funds, additional money for Pre-K, investments in NJ Transit, funds to combat the opioid crisis and affordable housing, as well as tax credits for the working poor and to care for children and the disabled.
“Most important, the new budget makes historically-significant investments in school aid that put us firmly on the path to full and fair funding for every school district in New Jersey.
“The budget’s funding includes a surcharge on the Corporate Business Tax of 2.5 percent for two years and 1.5 percent for two years. The four-year surcharge applies to profits above $1 million. It also includes a ‘millionaire’s tax’ of 10.75 percent applied to personal income above $5 million.
“And the budget gives support to a wide array of social services that are so important to us, including help for abused children, the disabled, cancer research, the homeless, health care for women, and reentry programs, among others. This budget has a conscience as well as a bottom line.”