Governor Murphy Signs Fiscal Year 2026 Budget into Law

Governor Phil Murphy signed into law the Fiscal Year 2026 Appropriations Act, marking a culmination of the Murphy Administration’s longstanding commitment to fiscal responsibility, affordability, and opportunity. Over nine budgets spanning nearly eight years in office, Governor Murphy has presided over sustained economic growth while making long overdue investments in addressing the needs of working New Jerseyans, from property tax relief, to school funding, to restoring funding for the State’s pension systems.

The $58.78 billion Fiscal Year 2026 (FY2026) budget, which was passed by the Legislature, redirects over 75 percent of the total budget back into our communities in the form of grants-in-aid for property tax relief, social services, higher education, as well as State aid to schools, municipalities, and counties. The budget includes an all-time high level of direct property tax relief for homeowners and renters, yields the highest level of school funding in history, and delivers a fifth consecutive full pension payment. It also prioritizes quality health services for women and families, and it invests in beginning to fully modernize NJ TRANSIT’s fleet.

Upon taking office, Governor Murphy inherited a $409 million surplus from his predecessor. Eight years later, the Governor will leave his successor with a surplus 16 times greater than that amount—$6.7 billion.

“This budget exemplifies our dedication to fiscal responsibility, affordability, and opportunity for all New Jerseyans,” said Governor Murphy. “Over nearly eight years in office, we have maintained a steadfast commitment to building a stronger and fairer New Jersey and righting our fiscal ship. I’m proud that this budget caps off an eight-year journey to turn our state around and delivers greater economic security and opportunity to every family. With the help of our legislative partners, we are moving New Jersey toward a brighter future for every child, student, worker, parent, and senior citizen who calls our great state home.”

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Governor Murphy Signs Package of Bills to Support Innovative Businesses in New Jersey

Governor Murphy signed a three-bill package to help support New Jersey’s thriving innovation ecosystem by enabling entrepreneurs to start and grow their businesses in the Garden State.

“Over the course of our administration, we have firmly established New Jersey as a global leader in technology and innovation. Aided by strategic investments to provide our entrepreneurs with the tools and resources necessary to drive their businesses forward, New Jersey has become the destination to both start and scale a business,” said Governor Murphy. “Today’s bill signing underscores our commitment to aspiring entrepreneurs and innovative companies while driving our state’s economy forward.”

“Governor Murphy and the New Jersey Legislature have consistently recognized the vital role entrepreneurs play in New Jersey’s economy and remain committed to providing them with the resources needed to build and grow successful businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “The New Jersey Innovation Evergreen Fund and Angel Tax Credit programs have become key NJEDA tools to help bolster early-stage innovation companies, resulting in greater investment into the life sciences, technology, and clean energy sectors. The package of bills signed today will increase participation into the programs, unlock capital for entrepreneurs, and spur greater venture investment. Additionally, the QSBS bill perfectly complements the suite of innovation programs built under the Murphy Administration and will encourage entrepreneurs to continue building new businesses in New Jersey. Together, these bills will support new cutting-edge businesses, job creation, and a stronger innovation economy.”

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Governor Murphy Signs Legislation Strengthening the New Jersey Film and Digital Media Tax Credit Program

Governor Phil Murphy signed S4618/A5827, strengthening and enhancing provisions of the New Jersey Film and Digital Media Tax Credit Program.

The Film and Digital Media Tax Credit Program, administered by the New Jersey Economic Development Authority (NJEDA), provides eligible applicants a tax credit against the Corporation Business Tax and the Gross Income Tax for qualified expenses incurred during the production of certain film and digital media content in New Jersey.

“Our Film and Digital Media Tax Credit has been instrumental in attracting film and television production to New Jersey,” said Governor Phil Murphy. “This program has helped create thousands of good-paying union jobs, showcased our one-of-a-kind geographic diversity, and reinforced New Jersey’s reputation as a premier destination for film and television. With the help of Tim Sullivan and the entire NJEDA, we are cementing the future of entertainment here in the Garden State.”

Following the revival of the program under the Murphy Administration, the tax credits have helped attract leading studios and top talent to the Garden State. In May, Governor Murphy and First Lady Tammy Murphy joined Netflix Co-CEO Ted Sarandos in Fort Monmouth to break ground on Netflix’s highly anticipated East Coast production hub.

“New Jersey’s location, diverse landscape, talent pool, and competitive incentive program has made the state a hotbed for film production over the past several years. With support from Governor Murphy and the New Jersey Legislature, our film industry continues to grow, with major productions and studios setting up shop in local communities,” said NJEDA Chief Executive Officer Tim Sullivan. “The bill signed by Governor Murphy solidifies the State’s long-term commitment to supporting the film industry, which will lead to major investments into small businesses and help create good-paying jobs for decades to come. New Jersey is the birthplace of film and we are building upon our legacy to become a national leader in the industry.”

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Governor Murphy Signs Legislation Eliminating Barriers for Consumers in Health Insurance Appeals Process

Governor Phil Murphy signed legislation to permanently eliminate fees consumers were required to pay when they appealed their health insurance carrier’s decisions under the Independent Health Care Appeals Program, marking another step forward in ensuring residents receive proper health coverage under their plan.

The legislation is in response to the Governor’s Fiscal Year 2026 budget recommendation to enact legislation to permanently eliminate fees for consumer appeals under the Independent Health Care Appeals Program against insurance carriers that deny, reduce, or terminate their benefits.

“Consumers have a right to fully utilize their health insurance. By permanently eliminating this fee, we are making it easier for New Jerseyans to access an independent appeals process to ensure they are receiving appropriate health coverage,” said Governor Murphy. “This action is part of our continuing efforts to safeguard consumer rights and ensure residents have a voice in their coverage decisions.”

The Independent Health Care Appeals Program is an external review program administered by the Department of Banking and Insurance for the purpose of reviewing adverse decisions made by carriers to pay a claim or to authorize a service or supply. The right to an external review of an appeal is mandated by the New Jersey Health Care Quality Act. 

“The Murphy Administration continues to stand up for greater consumer protections in accessing health care,” said New Jersey Department of Banking and Insurance Commissioner Justin Zimmerman. “Eliminating fees for independent appeals of health insurer decisions removes a barrier for consumers to challenge insurer decisions and promotes equity in the appeal process.”

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Statement from Governor Murphy Urging U.S. Senate to Oppose Reconciliation Bill

“This week, Congress has a simple choice: stand for affordable access to health care and food security or stand for tax cuts for the wealthiest. I call upon Congress to be on the right side of history and to resist cutting billions of dollars in federal funding from lifeline services.

“If approved, the Congressional Republicans’ budget reconciliation bill will have disastrous ramifications for New Jersey families. The proposal would force New Jersey families to jump through unnecessary bureaucratic hoops to access care, impose conditions that go against New Jersey’s values, and erode federal financial partnership in our healthcare system. Hundreds of thousands of New Jerseyans stand to lose coverage, and our taxpayers will lose billions in federal resources that should be coming back to our state. 

“One in five currently enrolled New Jersey residents are expected to lose Medicaid – which enables children with complex health needs to receive specialized care, individuals with disabilities to live independently, and seniors to afford medications and behavioral health care. SNAP helps more than 400,000 households meet basic nutritional needs each month. Premium tax credits currently support over 450,000 New Jersey residents to maintain affordable health coverage. These are immensely important programs that New Jerseyans rely on.

“Every vote to advance this bill is morally reprehensible. It will leave our state with an unfillable funding gap – destabilizing  New Jersey’s vast health care system and jeopardizing the well-being of our most vulnerable community members.

“My Administration will continue to fight for New Jersey’s working families.”

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