New Jersey Gov. Phil Murphy to sign $ 50.6 billion budget with property tax surplus

Trenton, New Jersey – New Jersey Gov. Phil Murphy is expected to sign a record budget of $ 50.6 billion Thursday after lawmakers adopted a $ 2 billion property tax spending plan, a new tax credit on children, suspension of vehicle commission fees, marriage waiver of license costs and costs billions more than last year.

The budget, which is growing – 9% more than last year – is due to a lavish state treasury and higher-than-expected tax returns, and because Democrats who control the legislature and the governorate are trying to make a state with one of the the highest property taxes in the country are more affordable. .

Tax revenues to the state treasury may now be plentiful, but inflation, high gas and food prices and general economic unrest are in the minds of lawmakers when they knocked out a $ 6 billion surplus. The chairman of the budget committee, Sen. Democrat Paul Sarlo, called it a record amount, showing the state’s preparation to “protect taxpayers from a potential downturn”.

Republicans who are in the minority, despite taking seats in last year’s state election, condemn the Democrats ‘treatment of taxpayers’ money: they said they were out of the process and that the excess means the state has collected too many taxes and should give back more.

Republican Sen. Michael Testa called it a “bloated budget.” Republican Sen. Holly Shepisy said the state is over-stretching and setting nearly $ 51 billion for spending, which it may not be able to support in the future if the economy jumps.

Sarla, who managed the budget through his committee, warned of criticism during a brief speech Wednesday, just a day before the constitutional deadline for adopting a balanced budget. He said criticism of the Republican Party misses that the public will benefit from the costs.

“This plan will make the lives of New Jersey residents more affordable with substantial property tax relief for homeowners and tenants,” he said.

Democratic MP Shavonda Sumter, who heads the Black Caucus legislature, said during a debate on Wednesday that the budget is looking to the future and allocating funds that will start helping poor people get out of poverty.

Among the provisions in the budget:

–Real estate tax credit for homeowners at a discount for tenants. Approximately 870,000 families, up to $ 150,000, will receive “direct assistance” of $ 1,500; those earning between $ 150,000 and $ 250,000 will receive loans of $ 1,000, and tenants will receive assistance for the first time. Those earning up to $ 150,000 will receive $ 450 in benefits. The program costs $ 2 billion and will help approximately 2 million households.

–Suspension for a year of a license fee for a marriage of $ 28, as well as the suspension of a number of fees for cars.

– A $ 500 tax credit per child for low-income residents, which is gradually reduced to $ 100 when income reaches $ 80,000 per year.

–A fund of about $ 4 billion to repay public debt.

–Holidays on sales tax on school supplies in late August and early September.

–The budget also includes billions in spending on education and higher education under 12, transportation and the state pension.

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