- Associated Press - Saturday, June 30, 2018

TRENTON, N.J. (AP) - New Jersey lawmakers are set to vote on a $37.4 billion budget deal brokered with Gov. Phil Murphy just hours ahead of a midnight deadline.

The Democrat-controlled Assembly and Senate are set to vote on the spending plan Sunday morning.

The Democratic governor and legislative 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. The increase expires after four years.

There will be no broad sales tax increase as part of the deal, though that tax will be levied on e-cigarettes and lodgings like Airbnb.



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