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N.J. Governor Signs Child Tax Credit, Business Relief Bills (1)

June 30, 2022, 2:27 PMUpdated: June 30, 2022, 9:26 PM

New Jersey businesses that received tax credits under an economic development program would be able to carry forward unused tax credits for a seven-year period under a bill signed by Gov. Phil Murphy on Thursday.

The bill (S2917) is among several tax measures approved by the Democratic governor after state lawmakers wrapped up their legislative session late Wednesday in Trenton. The tax bills are part of the $50.6 billion budget for the fiscal year that begins July 1.

The record budget includes $2 billion in property-tax relief checks for homeowners and renters and a $6.8 billion pension payment. ...