N.J. Extending Tax-Filing and Budget Deadlines by Three Months

Bookmark

(Bloomberg) -- New Jersey will extend its filing deadline for income and corporate taxes by three months under a bill that Governor Phil Murphy intends to sign on Tuesday.

The move will extend the deadline for the first quarterly payment, typically due this week, to July 15. The second-quarter payment date remains June 15. The bill also extends the current fiscal year by three months, until Sept. 30.

Murphy announced the delays last month to cope with falling revenue and uncertain timing for federal aid. The legislation cleared both the Assembly and Senate on Monday, two days before the usual April 15 tax deadline.

“Pushing this deadline into the summer will give us additional time to combat the virus and get as many taxpayers as possible back on sound financial footing,” Murphy said in a statement.

Murphy had introduced a $40.9 billion spending plan for the year that was to start July 1, but that figure is certain to change as fiscal 2021 will be nine months rather than 12. A revised budget proposal is due Aug. 25.

Like all states, New Jersey must calculate spending around yet-to-be-determined effects of the new coronavirus. But it was put in a tougher spot than most: It has the second-highest number of cases, behind New York, and it doesn’t follow a calendar-year spending plan, making for a fraught budget season while the state remains in a virtual lock-down.

©2020 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.