New Jersey Assembly to vote on Murphy’s bond issue proposal

A bond issue proposed by Gov. Phil Murphy is headed for a vote by the State Assembly next week as lawmakers grapple with the economic effects of the novel coronavirus pandemic.

The state is facing a $10 billion budget shortfall over the next two years, according to numbers from State Treasurer Elizabeth Maher Muoio.

The state extended fiscal 2020 from June 30 to Sept. 30 and extended the income tax filing deadline to July 15. April tax collections that rely on income were down significantly in April.

The degree of uncertainty in the state
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