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Proposed N.J. budget seeks billions in tax relief, higher tax on big corporations

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Proposed N.J. budget seeks billions in tax relief, higher tax on big corporations


The proposed corporate transfer fee did not impress Republican leaders. Assembly Budget Officer Nancy Muñoz described it as “rebranding” the corporate tax surcharge that expired at the end of 2023.

“We applauded ourselves for eliminating the corporate business tax,” she said. “Now, we’ve reinstated the corporate business tax, and what is driving the businesses out of New Jersey is this corporate business tax.”

Muñoz added that there is enough money in the budget to fund NJ Transit, suggesting that the $1.5 billion in legislative add-ons to the current budget could’ve gone toward the transit agency.

Murphy’s spending plan also includes expanded funding for health care for children, investments in pre-k and public schools, a school lunch program and more money for a nursing expansion initiative. Also included in the budget is money for a program to help aspiring teachers, build offshore wind farms, expand the state’s electric grid infrastructure and promote innovation in artificial intelligence.

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“We have crafted this year’s budget, letter by letter, line by line to support the working families who have led New Jersey through hard times,” Murphy said, “Our promise has always been putting the needs of our families ahead of special interests.”

The governor also proposed creating a new program called RetireReady NJ, which will provide nearly all workers, particularly those who do not have a pension or 401(k), an option to invest in a retirement savings plan.

Among other proposed spending is a full payment to the state’s pension system and expanded health insurance options, medical debt relief assistance and more money for affordable housing.

“Together we’re going to continue building that stronger and fairer New Jersey where every family, especially those who worry that they’ve been forgotten, has a fair shot at a brighter future,” he said.



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New Jersey

Crews battling wildfire in New Jersey’s Wharton State Forest

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Crews battling wildfire in New Jersey’s Wharton State Forest


Crews in Burlington County, New Jersey are battling a wildfire in Wharton State Forest. 

Officials say the fire is burning in Tabernacle Township near the Batona Campground and Apple Pie Hill. 

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The campground has since been evacuated and the Batona Trail was closed between Route 532 and Carranza Road. Local Wharton State Forest roads are also closed in the area. 

Officials say the fire is impacting about 100 acres and is 0% contained. Two structures are also threatened as a result of the fire. 

The public is asked to avoid the area while crews work to contain the fire.

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Ryan of First Bank installed as chair of New Jersey Bankers Association | ROI-NJ

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Ryan of First Bank installed as chair of New Jersey Bankers Association | ROI-NJ


The New Jersey Bankers Association recently installed a new slate of officers for its 2024-2025 fiscal year, including Patrick Ryan of First Bank as chair, Craig Montanaro of Kearny Bank as first vice chair and Elizabeth Magennis of ConnectOne Bank as second vice chair.

Ryan said he is eager for the opportunity.

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“I’m very excited for the coming year as chair of the New Jersey Bankers Association,” he said. “This is an exciting and challenging time in our industry.

“NJBankers is in a great position to help member banks navigate these turbulent waters. And, more importantly, the association can help drive meaningful change as we move forward. We have an amazing team of leaders at the association. I’m proud to have this opportunity to do my small part to help the industry grow and prosper in the next year and beyond.”

Ryan is the founder, director, CEO and president of First Bank, and is responsible for the strategic direction and overall performance of the company. Since the bank’s inception in 2008, it has grown to 26 locations in New Jersey, Pennsylvania and Florida, with $3.59 billion in assets and 288 employees.

First Bank has been named one of S&P Global Market Intelligence’s Top 100 Best-Performing Community Banks in the nation for record growth and profitability.

Montanaro is the CEO of Kearny Bank. He was appointed to serve on the board of directors of Kearny Financial Corp. and the board of directors of Kearny Bank in 2010. He joined Kearny Bank in 2003 when Kearny acquired West Essex Bank, where he served as chief operating officer. He was appointed CEO of Kearny Financial and Kearny Bank in April 2011.

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Magennis is the president of ConnectOne Bank, the bank subsidiary of ConnectOne Bancorp Inc. ConnectOne is a leading commercial bank, with over $9 billion in assets, serving the New Jersey, New York and South Florida markets.

Magennis holds over 30 years of experience in the banking industry. As president of ConnectOne, she is responsible for the growth, function and strategic direction of the bank. She joined ConnectOne Bank in 2006 and has played an integral role in growing the company to a top-performing bank with industry-leading metrics.

Steven Klein, chair and CEO of Northfield Bank, will serve as immediate former chair.

In addition, new members serving on the NJBankers board of directors for the 2024-2025 year include:

  • John Borelli, Jr.: CEO, Newfield National Bank;
  • Matthew Carcich: CEO, Freedom Bank;
  • John DeSclafani: senior vice president/commercial banking leader, Wells Fargo Bank;
  • Edward Dietzler: CEO, Bank of Princeton;
  • Catherine Franzoni: Chief operating officer, Manasquan Bank;
  • Donald Mindiak: CEO, First Commerce Bank;
  • Michael Shriner: CEO, BCB Bank.





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New American citizens celebrate 4th of July on USS New Jersey, America’s most decorated battleship

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New American citizens celebrate 4th of July on USS New Jersey, America’s most decorated battleship


CAMDEN, N.J. (CBS) — As the nation celebrates its 248th birthday, dozens of new U.S. citizens celebrated their own milestone Thursday. 

“I see freedom,” said Jonathan A. Monger as he looked up at the American flag waving on the pier near the USS Battleship New Jersey. “I see this nation being a great nation and the land of opportunities.”

Monger is one of 42 men and women who took their oath of American citizenship in a special ceremony aboard the Battleship New Jersey, including nine U.S. military service members. 

“It’s a journey that I’ve come through and I anticipate to go further and I appreciate this because it falls on Independence Day,” Monger said. “That makes it historic and it’s a great day in my life.”

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The citizenship candidates were all lawful permanent residents and have met the requirements to naturalize, including passing a history and civics exam unless exempt. 

More than 878,500 new citizens were naturalized in fiscal year 2023 during ceremonies nationwide.

“All of us know every immigrant has a special story or incredible story to tell how our journey started and we believe in the process of this immigration and it’s a dream come true for us,” said Armand Arana, who immigrated to the northeast in 2006. “It’s freedom, opportunity and greatness.”

The citizenship candidates originate 21 countries: Dominica, Dominican Republic, Ghana, Guatemala, Guyana, Haiti, India, Jamaica, Jordan, Liberia, Mexico, Montenegro, Nigeria, Norway, Peru, Philippines, South Korea, Turkey, Ukraine, United Kingdom and Venezuela.

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