The Real Deal New York

NJ’s budget woes could put subsidy programs in danger

Garden State tax breaks have caused some NY companies to move across the river
February 24, 2015 10:30AM

A New Jersey judge has ruled that Governor Chris Christie broke the law by cutting $1.57 billion in pension payments and will have to restore the money.

As a result, the Garden State’s tax breaks that have lured some companies to settle down there could be in jeopardy and the judge’s decision could severely impact this year’s budget, according to NJ Advance Media. 

The Republican governor will have to work together with the Democratic state legislature to find a way to fund $1.57 billion in this year’s $32.5 billion budget by the end of the fiscal year on June 30, according to the website.

Jersey’s tax breaks have caused some big New York firms to move across the Hudson River to Jersey City and other places. Christie is expected to appeal the judge’s decision. [NJ Advance Media] — Claire Moses