No new talks are scheduled yet between New Jersey Governor Phil Murphy and Democratic legislative leaders as the midnight deadline approaches for enacting a new state budget.
Murphy sent lawmakers a letter earlier today offering a new tax revenue proposal in efforts to reach a deal and avoid a potential government shutdown.
The Governor is increasing the income threshold to $1.75 million on his proposal to increase the income tax on millionaires and is indicating he backs a corporate business tax surcharge that would be an average 2% increase.
He says he’s prepared to take his proposal to raise the sales tax back to 7% if there’s an agreement to get the right balance between business and income taxes.
So far lawmakers have not responded to the letter.