- Associated Press - Monday, July 2, 2018

TRENTON, N.J. (AP) - The Latest on New Jersey’s budget (all times local):

11:30 p.m.

New Jersey Democratic Gov. Phil Murphy has signed a $37.4 billion budget into law.

The freshman governor and former Wall Street executive signed the deal late Sunday after he and the Democrat-led Assembly and Senate announced an agreement that raises taxes on the wealthy and some businesses.

Murphy and leaders reached the deal Saturday. It came just hours ahead of a midnight deadline and averted a government shutdown.

The deal finances spending increases by raising taxes on people making $5 million and above from 8.97 percent to 10.75 percent. It also raises business taxes on companies making more than $1 million by an average of 2 percent over four years.

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7:45 p.m.

New Jersey lawmakers signed off on a $37.4 billion budget package brokered with Gov. Phil Murphy.

The Democrat-led Assembly and Senate passed the deal Sunday, about 24 hours after Murphy, Assembly Speaker Craig Coughlin and Senate President Steve Sweeney announced the agreement that raises taxes on the wealthy and some businesses.

It awaits Murphy’s signature.

The Democratic governor and leaders reached the deal Saturday, hours ahead of a midnight deadline to avoid a government shutdown.

The deal finances spending increases by raising taxes on people making $5 million and above from 8.97 percent to 10.75 percent. It also raises business taxes on companies making more than $1 million by an average of 2 percent over four years.

There will be no broad sales tax increase as part of the agreement.

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5:45 p.m.

New Jersey lawmakers say votes on a $37.4 billion budget deal brokered with Gov. Phil Murphy are delayed but expected to be held.

Senate Majority Leader Loretta Weinberg and Assemblyman John Burzichelli said Sunday the delay is technical and that the last-minute deal is not in any jeopardy.

The Democrat-controlled Assembly and Senate have scheduled votes on the spending plan Sunday morning.

The Democratic governor and leaders reached the deal late Saturday.

The deal finances spending increases by raising the income tax on people making $5 million and above from 8.97 percent to 10.75 percent. It also raises the business tax on companies making more than $1 million by an average of 2 percent over four years.

There will be no broad sales tax increase as part of the deal.


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