SENATE BUDGET AND APPROPRIATIONS COMMITTEE

STATEMENT TO

SENATE, No. 4534

STATE OF NEW JERSEY

DATED:  JUNE 28, 2026

      The Senate Budget and Appropriations Committee reports favorably Senate Bill No. 4534.

      As reported, this bill reduces business formation fees for certain recognized business structures in the State.  Specifically, the bill stipulates a $25 reduction in business formation fees.

      The Governor’s Fiscal Year 2027 budget recommendations include the enactment of this bill.  

FISCAL IMPACT:

      The Department of the Treasury estimates that this proposal will reduce revenues by $4.1 million.