Given your tax rates, you might seriously consider making any new contributions with the reverse of the usually recommended allocation, adding new money to the NJ long-term muni fund in taxable, and selling tax-deferred bonds to buy more stocks. If you are subject to ACA tax, you will pay 3.8% on dividends, and 5.83% NJ state tax (8.97% reduced by 35% because NJ tax is deductible from federal), for a rate of 9.63% above whatever the federal tax is on dividends. If your qualified dividends are taxed at 15% (all tax breaks continue), that's a 24.63% marginal rate, so you will lose 0.50% to a 2% dividend yield, plus any tax on capital gains. If your qualified dividends are taxed at 20% (rates return to 2001 levels, so the NJ tax is deducted at 39.6% and is 5.42% after tax), that's a 29.22% rate, so you will lose 0.58%. If your qualified dividends are taxed at 39.6%, that's a 49.02% rate, so you will lose 1%.
Admiral shares of NJ Long-Term Tax-Exempt currently yield 2.04%, free of all federal and NJ taxes. If we assume that corporate bonds of comparable risk are break-even in a 25% tax bracket, the effective tax cost is 0.68%. Thus, if the tax break on qualified dividends goes away, you should buy the muni fund; even if the rate goes back to 20%, you might buy the muni fund at current yields, but you'll want to sell it and buy stock if rates go up.