New Jersey on Wednesday became the first U.S. state to extend its fiscal year as it deals with the health and economic fallout from the spreading coronavirus, pushing back the original end date by three months.
Democratic Governor Phil Murphy and legislative leaders announced an agreement to push the end date for fiscal 2020, which began on July 1, 2019, to Sept. 30, 2020, from its normal termination on June 30.
“This will allow the administration and the legislature to focus fully on leading New Jersey out of this crisis, and to allow for a robust, comprehensive, and well-informed budget process later in the year,” the officials said in a statement.