TRENTON, NJ (January 19, 2019)--On January 18, 2019 the state Department of the Treasury announced it will meet, if not exceed, its $200 million tax amnesty goal. The one-time tax amnesty was included in last year’s budget negotiations after Governor Murphy’s proposals to raise the income tax on earnings over $1 million and restore the sales tax to 7 percent stalled in the Legislature.
SHEILA REYNERTSON, SENIOR POLICY ANALYST, NJPP:
“It’s welcome news that the state is expected to meet its tax amnesty goal, but this was a one-time source of revenue that New Jersey will not be able to count on in next year’s budget. Without a new source of revenue or significant cuts to programs that New Jersey families rely on, it’s unclear what will fill this $200 million budget hole.
“To meet the state’s long-term needs, New Jersey must consider new, sustainable sources of revenue like raising the income tax on earnings over $1 million, reinstating the estate tax on million-dollar households, and restoring the sales tax to seven percent. These measures will make the tax code fairer and will allow the state to continue investing in its key assets, like public education and transportation infrastructure”