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April 14, 2020 01:06 PM

New Jersey governor signs bill extending state’s fiscal year, tax deadline

Robert Steyer
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    New Jersey Gov. Phil Murphy said moving the deadline will give more time for taxpayers to get back on 'sound financial footing.'

    New Jersey Gov. Phil Murphy on Tuesday night signed into law a bill that extends the state’s fiscal year-end to Sept. 30 instead of June 30 and extends the deadline for paying personal and business taxes to July 15 from April 15.

    The legislation, introduced April 9, was approved Monday unanimously by both the state Senate and General Assembly.

    "As we continue to battle the COVID-19 pandemic, it is imperative that we give both the state and our residents every opportunity to endure financially," Mr. Murphy said in a news release Monday soon after the legislators had acted.

    "Pushing this deadline into the summer will give us additional time to combat the virus and get as many taxpayers as possible back on sound financial footing," he said in announcing his signing plans.

    The New Jersey Constitution requires passage of a balanced budget for each fiscal year.

    See more of P&I's coverage of the coronavirus

    The law also requires a May 22 report by the state treasurer "on the financial condition" of the current fiscal year's budget as well as the succeeding fiscal year's budget. The succeeding fiscal year will start Oct. 1, 2020, and end on June 30, 2021.

    Any additional spending for the state operations from July 1, 2020, through Sept. 30, 2020, must be made " through the enactment of a general law that amends or provides for a supplemental appropriation to that annual appropriations act," the law said.

    The governor must file a revised budget proposal for fiscal year 2021 by Aug. 25. His initial proposal was submitted in mid-February just before stock markets fell due to the economic impact of the coronavirus.

    Also late Monday, Moody's Investors Service changed its outlook on New Jersey to negative from stable. The ratings agency retained its A3 rating on the state's general obligation bonds.

    "The negative outlook reflects the expectation that the state will have difficulty balancing fiscal 2020 and fiscal 2021 budget gaps given its low reserves and pre-existing structural budget imbalance," a Moody's report said.

    "The state's fiscal recovery will be multiyear, as revenues slowly recover to prior highs while scheduled pension contributions continue to ramp up," the report said. "In addition, if recent stock market volatility persists, the state's unfunded pension liability will grow, further elevating fixed costs."

    The report said New Jersey's return to a stable outlook "will depend on the depth and duration of the coronavirus-related economic disruption and on the state's budget balancing actions." Warning signs for the state include "any resulting decline in reserves, increased debt and pension levels and/or growth in the structural budget gap," the report said.

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