Continuing last year's assistance for renters, those making up to $150,000 would get $450. The program carries a $2 billion price tag and promises families making up to $150,000 a rebate check of $1,500. The governor also aims to renew a property tax rebate program for a second year, part of his push to cast the state as more affordable. That time's is up, and Murphy isn't seeking to renew the higher tax rate. That year's budget also increased business taxes by 1 percentage point, a raise designed to expire after four years. Murphy campaigned for office in part on raising income tax rates on people making more than $1 million, a promise he and lawmakers fulfilled in 2020. Shapiro Aims Tax Break at Police Officers, Teachers, Nurses
“This entire budget is purpose-built to help you find your place in the next New Jersey by securing your place in the New Jersey of right now.” You’ve been paying more for everything from gas to groceries, and your paycheck hasn’t kept up," he said.
"First it was the pandemic, and now it is inflation. Murphy, who won a second term as governor in 2021, cast the budget as a helping hand to residents facing risings costs and fallout from COVID-19. Phil Murphy on Tuesday unveiled a $53.1 billion budget for fiscal year 2024, about 5% more than the spending plan he signed for the current year, proposing more school aid, a renewed property tax rebate program and billions more for public pensions, transportation and other projects.
He wants to make a full payment to the state’s public pension fund and finance K-12th grade education according to a formula approved by the state Supreme Court. The Democratic governor's proposal would make some of his campaign promises a reality.The proposal includes more school aid, renewing a property tax rebate program and billions more for public pensions, transportation and other projects.That's about 5% more than this year's spending plan. Phil Murphy has unveiled a $53.1 billion budget for fiscal year 2024.
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