New Jersey Democratic lawmakers’ $35.3 billion budget plan includes a one-time surcharge on the corporate business tax and a hike on levies on income over $1 million as well as a full pension payment.
State Senate Budget Committee chairman Paul Sarlo briefed the press on the Democrats’ plans on Monday. Assembly Democrats are on board as well, Sarlo said.
The business tax would be a one-year 15 percent surcharge, Sarlo said, declining to say more about how it would work.
Democrats have said for weeks they expected to raise some taxes to make the pension payment.
Gov. Chris Christie is expected to use his line-item veto to cut out the surcharges, resulting in his $33.8 billion budget becoming law.