Tagged: State Budget

New Jersey Makes History in Advancing Renewable Energy

Last month, the New Jersey Board of Public Utilities (NJBPU) made history when it awarded a combined 2,658 MW of offshore wind capacity to two wind energy companies. This award was the largest collective MW award in the United States to date, and it raised New Jersey’s total planned capacity to over 3,700 MW. This award is a significant step toward reaching Governor Phil Murphy’s goal of 7,500 MW of offshore wind by 2035 and 100 percent clean energy by 2050.

Budget Matters, Incentives, and Cannabis Will Be This Summer’s Hot Topics in Trenton

The Summer is here and the halls of the Legislature are quiet, but three topics that controlled much of the debate in Trenton this year are expected to drag into the Fall: the state budget, economic incentives, and cannabis. Fiscal Year 2020 Governor Murphy signed the Fiscal Year 2020 budget on June 30, avoiding a government shutdown, but not ending the debate on taxes and spending. After the Legislature sent the Governor a budget that did not include a millionaire’s tax, corporate responsibility fee, and tax on opioid manufacturers, the Governor line-item vetoed several appropriations and signed an Executive Order authorizing the State Treasury to place in reserve approximately $235 million in state appropriations. In 2016,Governor Christie took similar action when his Administration froze approximately $100 million in spending as the state health benefit plan design committees considered cost reductions. Prior to the July 4th holiday, the Murphy Administration announced the full list of spending items placed in reserve. The funds will only be released after the Treasurer certifies that certain revenue objectives are met, meaning this issue will linger for several months. Economic Incentives Also on June 30, the State’s two main economic incentive programs, the Grow NJ Assistance Program (GROWNJ) and the Economic and Redevelopment Growth Grant (ERGG) Program, expired and new applications...