New Jersey faced a possible government shutdown if the state’s 2026 budget wasn’t signed on time. After delaying a committee vote until late June, lawmakers finally approved a 376-page spending proposal this week — which Gov. Phil Murphy signed — just in time for the new fiscal year, which begins today, on July 1.
The budget is nearly $59 billion, the largest amount ever in the state’s history. Meanwhile, increased taxes — such as the ‘mansion tax’ — may cost New Jersey homeowners more.
