Governor Murphy Signs Fiscal Year 2024 Budget into Law

Photo Credit: Gov. Phil Murphy (Edwin J. Torres/ Governor's Office)

Governor Phil Murphy today (7/6) signed a package of bills to promote the generation of family-sustaining, primarily union jobs and the growth of burgeoning industries in New Jersey. A5651/S4019 will enable New Jersey’s first offshore wind project, Ocean Wind 1, to access federal tax credits and commit to supporting our state's growing offshore wind supply chain. Additionally, S3748/A5393 appropriates $30 million and bolsters the State’s film and digital media tax credit program, while S4023/A5644 makes critical changes to the Aspire Program, which brings new residential and commercial developments to under-resourced communities by helping to finance projects that would otherwise not be economically feasible for developers.