Official Site of The State of New Jersey
This Week in NJ - August 15th, 2025
S&P Boosts New Jersey’s Credit Rating to A+
S&P Global Ratings upgraded its rating on New Jersey’s general obligation bonds to A+ from A, citing the Murphy Administration’s work to increase its surplus and reduce long-term liabilities. This is the State’s eighth credit rating upgrade since Governor Murphy took office.
“Against an ever evolving economic and policy backdrop clouded by uncertainty, we believe the state's diligent work in rebuilding and preserving, to a degree, a stronger level of reserves while diligently addressing its large legacy liability challenges will help blunt budgetary pressure, as they arise,” wrote S&P Global Ratings in its analysis announcing the upgrade.
“From making five consecutive full pension payments to narrowing our structural deficit to building a strong, reliable surplus to help weather economic volatility, we have made enormous strides to turn New Jersey’s fiscal ship around after decades of mismanagement from both sides of the aisle,” said Governor Murphy. “Today’s news of a credit rating upgrade from S&P is a testament to the hard decisions we’ve made to address the high levels of indebtedness that we inherited upon taking office. Although there is much more work to do by the next governor, I’m proud that we’ve done right by taxpayers by tackling longstanding fiscal challenges that stacked up over decades.”
Governor Murphy, Lieutenant Governor Way, and the Oliver Family Unveil Official Portrait of The Honorable Lieutenant Governor Sheila Y. Oliver
In August 2023, following Lieutenant Governor Oliver’s passing, Governor Murphy announced the commissioning of her official portrait, as well as a portrait for New Jersey's first Lieutenant Governor, Kim Guadagno, in hopes of honoring and recognizing their hard work, service, and leadership. By establishing this precedent, the Governor sought to begin a new tradition whereby all former lieutenant governors will be honored with this special recognition.
“I am honored to join Lieutenant Governor Way and the Oliver family for this important ceremony celebrating the life and legacy of Lieutenant Governor Sheila Oliver,” said Governor Murphy. “Sheila’s passion and lifelong dedication to the people of New Jersey left an indelible mark on our state. And now, her legacy as a trailblazer and a loyal public servant will be immortalized in the halls of the State House, inspiring generations of leaders to come."
Governor Murphy Signs Bills Increasing Accountability of Grid Operator PJM to Customers
Governor Murphy signed into law AJR216/SJR154 and A5463/S4363, two bills designed to increase public accountability and transparency in decision-making by regional grid operator PJM Interconnection, LLC and its members as ratepayers in New Jersey and the region face an electricity cost crisis.
“These bills complement our long-term plan of action to hold PJM responsible for hardworking New Jerseyans’ skyrocketing electricity bills and a lack of new energy generation,” said Governor Murphy. “We are committed to creating a system that is fairer and more transparent for customers and the states that represent them – a necessary change from the opaque practices that have, for too long, defined PJM.”
AJR216/SJR154 cements New Jersey’s role on the forefront of coordinating with other PJM states to ensure PJM is serving ratepayers by utilizing a pricing model that serves the intended purpose of obtaining adequate resources at the lowest possible cost at its annual capacity market auction. Today’s legislation directs the Board of Public Utilities (BPU) to examine whether PJM’s Reliability Pricing Model is advancing that goal. BPU is also directed to continue advocating, along with other states, for reforms at PJM that will increase electricity supply, protect ratepayers, and prioritize clean energy generation. Under the law, the BPU will report the results of the investigation to the Governor and the Legislature within one year.
Governor Murphy Signs Bipartisan Legislation to Strengthen New Jersey’s Manufacturing Industry
Governor Murphy signed A5687/S4407, creating a new $500 million tax credit program that incentivizes manufacturing investment and job creation. The Next New Jersey Manufacturing Program, which will be administered by the New Jersey Economic Development Authority (NJEDA), will encourage growth in New Jersey’s manufacturing sector by offering long-term benefits to manufacturing companies.
“From the industries that powered our early growth to the advanced facilities driving innovation today, manufacturing continues to play a vital role in shaping New Jersey’s economy and its future,” said Governor Murphy. “Since taking office, my administration has advanced policies that create good-paying jobs, attract cutting-edge manufacturers, and expand opportunity in communities across the state. The Next New Jersey Manufacturing Program builds on that progress, providing the support needed to accelerate growth, enhance our competitive position, and deliver lasting economic benefits for New Jersey manufacturers.”
Under the program, eligible businesses in manufacturing industries including advanced manufacturing, non-retail food and beverage, defense, clean energy, and life sciences can receive a tax credit award equal to the lesser of 0.1 percent of the eligible business’s total capital investment multiplied by the number of new full-time jobs or 25 percent of the eligible business’s total qualified investment, subject to a total cap of $150 million per project. $100 million in tax credits in the first two years will be reserved for clean energy product manufacturers in industries such as solar, geothermal, and green hydrogen, supporting innovative companies to further the State’s clean energy goals and support clean manufacturing. After the first two years of the program, any unused proceeds will roll over into the general manufacturing allocation.
Acting Governor Way Signs Legislation to Protect Individuals Seeking Substance Use Treatment
Acting Governor Way signed two bills protecting individuals seeking addiction treatment from being misled, exploited, or referred for profit. These measures strengthen accountability within the substance use treatment industry, supporting patients in making informed choices and ensuring that care decisions are driven by clinical need rather than financial gain.
“It is important to protect individuals dealing with addiction," said Acting Governor Way. "We must ensure proper treatment without exploitation by holding providers accountable and implementing strong safeguards. Too often, vulnerable people are targeted by those who prioritize profit over care, which is unacceptable.”
“It is critical that laws are in place to protect individuals and families when they are at their most vulnerable – like when seeking recovery help from drug and alcohol addiction,” said Department of Community Affairs Commissioner Jacquelyn A. Suárez. “DCA’s Division of Codes and Standards works to ensure that violators will be held accountable and penalized for misdeeds.”