Gov. Murphy Signed Dozens of Bills Into Law This Past Week

As the June 30 deadline approached, state lawmakers rushed to pass a flurry of bills. They acted quickly ahead of the summer recess and the end of the fiscal year.

Gov. Phil Murphy put pen to paper on a $58.8 billion spending plan—his last as governor—alongside dozens of new laws that made it through the end-of-session rush. 

Below is a list of major bills Governor Murphy signed into law last week. These include changes to tax credits, business incentives, and healthcare access.

Expanding Film Tax Credits

S4618/A5827: This bill raises the tax credit from 35% to 40% for qualifying film production expenses incurred within a 30-mile radius of Columbus Avenue in New York City. Lawmakers increased the diversity bonus credit from 2% to 4% of eligible expenses. Officials have also streamlined the application process for qualified applicants. Certain film productions can now receive an extra 4% tax credit on qualified production costs. To qualify, they must actively promote and invest in New Jersey’s film industry.

Bills for Business Innovation

A5795/S4619: This bill amends the New Jersey Innovation Evergreen Act by raising the cap on qualified investments and permitting subsequent, larger investments by venture firms. It also authorizes the Economic Development Authority to hold additional tax credit auctions.

A2365/S3189: This legislation raises the tax credit under the New Jersey Angel Investor Tax Credit Act and permits the reallocation of unused credits from another program. It also narrows the definitions for eligible New Jersey businesses by lowering the employee threshold.

A4455/S4503: This bill allows taxpayers to exclude certain capital gains from New Jersey gross income tax when they sell or exchange qualified small business stock after December 31, 2025.

Healthcare Access

A5810/S4660: This fiscal year budget bill permanently removes consumer fees for appealing health insurance decisions through the Independent Health Care Appeals Program. Lawmakers said this legislation will ensure greater access to independent reviews. It will help New Jersey residents challenge denied, reduced, or terminated health benefits.

Lists of over two dozen miscellaneous bills Murphy signed last week can be found here and here.