A4700 allocates $56.6 billion in state funds and $27.5 billion in federal funds for New Jersey's fiscal year 2025 budget. It introduces a 2.5% corporate transit fee, alongside a sales tax increase from 6.625% to 7%, aimed at funding NJ Transit.
The New Jersey State Senate passed A4700 on June 28, 2024 by a vote of 27 to 13. We have assigned pluses to the nays because federal funds come with strings attached, handing over state sovereignty to the federal government. Additionally, lawmakers should focus on reducing all taxes, including corporate and sales taxes in New Jersey.
