NFIB and small business owners throughout the Garden State remain disappointed in the 58.8-billion-dollar FY2026 state budget that Governor Phil Murphy signed into law on June 30th. Nevertheless, thanks to the great advocacy of NFIB members, the voice of small business was heard loud and clear in Trenton. Gov. Murphy’s proposed 6.625% tax on sports and activities such as fishing, golfing, bowling, surfing, pickleball, and more ultimately was not included in the budget as a revenue raiser.

In its place, the 1.5-billion-dollar structural budget deficit, with spending levels exceeding revenue, was patched through other increased taxes, including higher fees on the sale of both commercial and residential properties worth more than $2 million, casinos’ online wagering wins, cigarettes, and electronic cigarette fluid.

NFIB did oppose these hundreds of millions of dollars in new taxes, as well, for a state that is already the highest taxed in the nation.  New Jersey needs budget policies that are more competitive and promote small business, and that begins with responsible levels of spending.