"NJ Governor Proposes $55.9 Billion Budget with Business Tax for Transit Plan"

New Jersey Governor Phil Murphy has proposed a $55.9 billion budget that includes a plan to raise business taxes in order to fund the state's struggling mass transit system, breaking his pledge not to raise taxes. The proposed budget also includes a $6.1 billion surplus, with the largest portion coming from the new Corporate Transit Fee. The budget faces opposition from the business community and lawmakers, but if approved, it would provide New Jersey Transit with its first dependable state funding source. The budget also includes funding for property tax relief programs and fully funds the school aid formula, but faces criticism from Republicans for education funding cuts and tax increases.