New Jersey
Murphy budget plan seeks revived, narrowed business tax to fund NJ Transit – New Jersey Monitor
Gov. Phil Murphy proposed $55.9 billion in spending for the coming fiscal year during his annual budget address, asking lawmakers to approve a structural deficit and a shrinking surplus while reviving and altering a business tax that sunset mere months ago as the state’s revenue enters a post-pandemic sag.
Murphy will ask lawmakers to approve a 2.5% non-marginal tax on all income earned by businesses making more than $10 million in annual net income. The so-called “corporate transit fee” would replace the recently expired corporate business tax surcharge, which added a 2.5% surtax on business profits above $1 million.
“We will raise this revenue without placing any new burdens on small- and medium-sized businesses. In fact, nearly 2,500 companies will see their taxes decrease from last year. And let me take this opportunity to thank, in advance, the big companies which will be stepping up. Many of them have partnered with our administration since day one,” Murphy said.
Progressive groups have for months urged the surcharge’s resuscitation, but business leaders moved to oppose the tax hike before it was even announced, with Tom Bracken, CEO of the state Chamber of Commerce, calling it “a major step backwards.”
The new tax is expected to generate $818 million in revenue annually, though it’s expected to raise just over $1 billion this year because it will be applied retroactively to the first two quarters of 2024.
Only 600 businesses are expected to pay the new tax, compared to the roughly 3,100 that paid the old surcharge. But those who do will pay more because, unlike the old surcharge, the new tax will be levied on a larger tax base that includes the first $1 million of business profits.
Revenue from the new transit fee would be dedicated by statute to NJ Transit. The money would help the agency meet the roughly $900 million fiscal cliff it faces in the fiscal year that begins in July 2026, but the statutory dedication means the money can be diverted at the whim of a future governor and Legislature.
“As our friends in the press are fond of reminding me, I have said many times that I would fix NJ Transit even if it killed me. Well, I’ve still got a pulse,” Murphy said.
Despite the additional collections, Murphy’s proposed budget would shrink New Jersey’s surplus to just under $6.1 billion, bringing it under a statutory threshold needed to keep the StayNJ property tax relief program up and running. Democrats proposed StayNJ last year as an effort to reduce senior citizens’ tax bills by half.
Provisions in StayNJ’s enabling legislation require, among other things, the state to keep a surplus equal to at least 12% of its spending to pay out StayNJ awards. Lawmakers can waive those statutory restrictions through budget language or legislation.
But the state’s surplus is likely to be smaller in reality. The administration is pushing for lawmakers to dedicate revenue from the new tax to NJ Transit. Because corporate tax collections lag by months, fee revenue from the fiscal year that begins July 1 is likely to be used to bridge the fiscal cliff NJ Transit faces starting in July 2026. That could bring the state’s surplus down to just under $5.1 billion, though it’s not clear the agency would need all the funds.
Murphy’s proposed budget would see the state spend $1.8 billion more than it takes in through taxes and fees. It would be the second straight year New Jersey has run a structural deficit, draining the surplus to meet spending priorities.
The governor’s proposal maintains a full $7.1 billion pension payment and makes the largest year-over-year increase to state school aid in more than a decade.
Murphy proposed increasing formula aid to schools by just over $900 million, bringing the state’s school funding formula to full funding levels for the first time in its history. He asked legislators to add another $124 million to fund preschool expansion, including a tranche of $20 million set aside to create 1,000 new preschool seats.
“I promised — from day one — that instead of short-changing our public schools or skimping on our pension payments we would invest in the long-term success of our state. We promised to build a stronger economy to support our vision for a fairer New Jersey,” Murphy said. “Our strategy is working.”
Despite the worsening fiscal condition, New Jersey will maintain its largest tax relief programs in the coming fiscal year.
That includes nearly $2.3 billion for the Anchor program and a planned $200 million deposit into a lockbox fund for StayNJ.
“At a time when families are grappling with higher prices at the checkout counter, we are putting more money back into their pockets than ever before. Since it was introduced, the ANCHOR Program has effectively lowered property taxes down to levels that, in many cases, our families have not seen in a decade,” Murphy said.
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New Jersey
What to know about Freedom Fuel Network as Trump urges cheaper gas prices in Pennsylvania, NJ
PHILADELPHIA (WPVI) — There are 25 new Freedom Fuel Network gas stations opening across the Philadelphia area and South Jersey as Americans closely watch gas prices.
This comes after President Trump announced the privately-owned network on social media last week, saying it will help drivers save money at the pump.
There are 25 new Freedom Fuel gas stations opening across the Philadelphia area and South Jersey as Americans closely watch gas prices.
The first location in Dresher, Montgomery County, opened on Friday, with the price of $3.47 per gallon.
This cost was a nod to President Trump serving as the nation’s 47th president.
However, that price has already started to rise after the president announced new U.S. strikes, sending oil and gas prices higher.
Some of those locations with gas stations participating in the Freedom Fuel Network include Lansdowne, Bensalem and Pottstown in Pennsylvania; and Marlton in New Jersey.
Gas Calculator: Find out how much it costs to fill your tank
A White House official told ABC News the administration is not involved with the company and is not providing any funding or subsidies.
Instead, the company says it is cutting its own profit margins to offer lower prices.
Some drivers are applauding this move while others, including gas analysts, are skeptical.
“$3.47 a gallon is a Godsend, honestly,” said one consumer. “Great price because this was a Sunoco before and prices were a lot higher.”
“I want Americans to be asking, ‘Where is that money coming from? Why are corporations and businesses willing to subsidize gas 50-cents a gallon for people, to make President Trump look good,” said another consumer.
Trump is also encouraging other gas retailers to lower their prices. He has not identified the company behind Freedom Fuel, saying only that it’s a private retailer.
Action News is still working to learn how long these lower prices will last and whether more stations will open.
Copyright © 2026 WPVI-TV. All Rights Reserved.
JAMESBURG, New Jersey (WABC) — When it comes to home deliveries, having your order stolen right off your doorstep can be infuriating, so one New Jersey man did it right.
Peter Tsistinas had his brand-new cell phone delivered to a so-called safe pickup site, designated by the seller, where it was stolen.
Delivery services can drop off your item at any number of safe locations, where you can later pick up your order. But as exclusive video obtained by 7 On Your Side shows, porch pirates are upping their game.
Captured on a security camera, a man calmly walks into the CVS store, asks for a delivery, shows an ID, signs for it, and walks off with a brand-new iPhone. There’s just one problem.
“They saw somebody that was not me getting my package,” said Tsistinas when asked what the police were seeing on the tape.
The real Peter, a popular DJ for hire, was dumbfounded. He chose the safe drop to avoid being porch pirated, but the thief still got the goods.
“Yeah, I actually paid extra for it. It wasn’t much. It was $7.99,” Tsistinas said.
Tsistinas got a notification from UPS that the phone was dropped off at 12:39 p.m., less than two hours later, he got a notice it was picked up.
But Tsistinas didn’t pick it up. It was the unknown suspect who went into the CVS, walking off with the brand-new iPhone for Peter’s son.
Tsistinas reported the crime to the police and alerted UPS, CVS and T-Mobile, which shipped the smartphone. The response to the DJ was what he called, “crickets.”
“I was watching, you know ABC News, and I saw 7 On Your Side and I’m like, ‘you know, you’re the first thing I thought of,’” Tsistinas said
7 On Your Side reached out to both CVS and the cell phone provider.
Within a week, T-Mobile responded, saying, “Our care team is working with Mr. Tsistinas directly to get him the device he ordered from us, and we’re working closely with CVS and our other partners to further protect our customers’ orders from theft. Our dedicated fraud, crime and logistics teams collaborate with vendors to address these issues and improve delivery processes.”
CVS also sent 7 On Your Side an official statement, saying, “We’ve connected with the customer and apologized for his experience. T-Mobile is now working directly with Mr. Tsistinas to help resolve the matter. Anyone picking up a UPS package at CVS Pharmacy must present identification matching the person and name on the package to be released. We’re working with the store team to help prevent similar situations from occurring in the future.”
After weeks of back and forth with the companies, Tsistinas could finally focus on his beats again.
“I paid almost $500 in deposit, and then it was going to be like so much per month. So, they just squashed all that,” Tsistinas said.
Referencing the Rolling Stones, he says he not only got his satisfaction, but also his money back.
“Nina, you’re the best!” Peter said.
Police are still looking for the suspect in the video and say he’s part of a crime ring. If you recognize him, call Jamesburg police in New Jersey.
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Copyright © 2026 WABC-TV. All Rights Reserved.
A police investigation took place at a Walmart in Cherry Hill, New Jersey on Wednesday morning and shoppers may have noticed an increased presence of officers at the shopping center, officials said.
On social media, the Cherry Hill Police Department alerted residents that an investigation was underway in a Walmart, located along Route 38 in Cherry Hill, New Jersey, at about 9 a.m. on Wednesday.
However, officials did not immediately detail the cause of this increased police presence, other than saying an investigation was underway and “the scene has been secured.”
Police were asking people to avoid the area, if possible, to allow officers the ability to complete this investigation.
However, as of about 10 a.m., police said on social media that the incident was resolved and there was no threat to the public.
OFFICIAL UPDATE: INCIDENT RESOLVED
The police activity at Walmart (500 Route 38) has been resolved without incident. There is no threat to the public.
Thank you to residents and motorists for their patience and cooperation while officers worked in the area. #CherryHillPD pic.twitter.com/668By2Ttht
— Cherry Hill Police Department (@CherryHillPD) July 8, 2026
As of about 10:15 a.m., police had not provided further information on the nature of this investigation, nor did they say if anyone was arrested through the course of this incident.
NBC10 is working to learn more.
This is a breaking news story. It will be updated as new information becomes available.
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