New Jersey to Extend Tax Filing Deadline to July 15, Budget Deadline to September 30
Posted on April 1, 2020 by Katherine Landergan
New Jersey will extend the tax filing to July 15 and the deadline for passing a state budget to Sept. 30, Gov. Phil Murphy and legislative leaders announced Wednesday morning.
The state budget is typically due June 30, but that date is being pushed back three months to deal with severe financial disruptions caused by the coronavirus pandemic.
“The ongoing COVID-19 pandemic has caused hardships, financial strain, and disruptions for many New Jerseyans and New Jersey businesses. As part of our response, we have reached agreement that the state income tax filing deadline and the corporation business tax filing deadline will be extended from April 15 to July 15,“ Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin said in a statement.
“Additionally, as part of the whole-of-government effort that is going into fighting COVID-19, we have agreed that the state fiscal year should be extended to September 30th,“ the statement said. “This will allow the Administration and the Legislature to focus fully on leading New Jersey out of this crisis, and to allow for a robust, comprehensive, and well-informed budget process later in the year.“
POLITICO first reported Tuesday that lawmakers and the governor’s office were considering pushing back the deadline. The New Jersey Globe reported late Tuesday night that the new deadline was Sept. 30.
The federal government has already extended the tax filing deadline from April 15 to July 15. New Jersey is the last state to make decide on extending its filing date, according to the New Jersey Society of Certified Public Accountants.
Murphy has been generally complimentary of the $2 trillion stimulus signed by President Donald Trump last week, but also says it didn’t go far enough.
Murphy said Tuesday that he has urged Speaker Nancy Pelosi to push for an elimination of the cap on state and local tax deductions as part of any forthcoming stimulus package.The next stimulus package should also include dedicated aid for workers and businesses hurt by the pandemic as well as “flexible aid for states who’ve borne the brunt of this virus,” he said.
“New Jersey and New Jerseyans who are in the eye of the storm should not be treated the same way as states less impacted by this invisible enemy,” he said.
The Murphy administration has already decided to put more than $900 million in spending into reserve for the remainder of the current fiscal year.
In a recent letter to bondholders, the Treasury Department said it expects “significant reductions” in tax revenues because of the pandemic and noted that lottery sales have already started to decline. The state will need to “significantly revise” its revenues and projections for the 2020 and 2021 fiscal years, according to the letter.
The Legislature has passed a number of bills that would ease the burden on workers and businesses, some of which have been signed into law. Senate President Steve Sweeney has also called for a series of actions to ease economic pressure in the coming months, including a two-month holiday from the state sales tax, a suspension of payroll taxes and deferred property tax payments.
In a recent interview with reporters, Sweeney said that lawmakers were definitely “worried” about the budget.
“We’re very worried about the budget because the numbers are going to be off as we’re moving forward” he said.
This article was originally published on politico.com at https://www.politico.com/states/new-jersey/story/2020/04/01/new-jersey-to-extend-tax-filing-deadline-to-july-15-budget-deadline-to-sept-30-1269961