Murphy delivered his sixth budget address Tuesday at the Statehouse in Trenton.
on Tuesday unveiled a proposed $53.1 billion state budget that lifts spending to a new high as tax revenue growth begins to show signs of slowing, saying it will make the state more affordable for millions of residents.
That promise also means big spending. Murphy is proposing record high school aid, an expanded child tax credit, a full payment to the state’s troubled public worker pension system. and millions more to other programs. It’s now up to Murphy and the Democratic-controlled state Legislature to negotiate a final budget over the next four months. The proposal will next be subject to a series of public hearings, and the governor must sign it into law by June 30.Property tax relief, child tax credit
“It means that in the past two years, we will have committed $4 billion to direct property tax relief, alleviating one of the single-greatest and longest standing affordability challenges our state faces,” Murphy said. “While delivering increased property tax relief, prioritizing children and working families, and catalyzing the growth of our expanding economy, the proposal builds upon the administration’s record of forward-looking fiscal stewardship and responsibility,” Altman added. “This year’s budget underscores the Murphy administration’s commitment to bolstering New Jersey’s status as the best place to start and raise a family.”Murphy’s budget proposal includes a $7.
New Jersey’s public worker pension fund faces several hurdles in the coming years, as rising health care costs continue to weigh on local government budgets. Murphy’s proposal includes $200 million as a subsidy for municipalities, but administration officials say that won’t provide relief in the current year.The budget proposal notably calls for $20.
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