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NJ Governor News: Murphy Introduced $53.1 B Budget for 2024 Fiscal Year

NJ Governor News: Murphy Introduced $53.1 B Budget for 2024 Fiscal Year
NJ Governor News - Gov. Phil Murphy of New Jersey, a Democrat, unveiled a $53.1 billion budget for the upcoming fiscal year, which is about 5% more than the spending plan he signed for the current year. The budget includes billions more for public pensions, transportation, and other projects, as well as more money for schools and a renewed program for property tax rebates. (Photo via https://whyy.org/)

NJ Governor News – Gov. Phil Murphy of New Jersey, a Democrat, unveiled a $53.1 billion budget for the upcoming fiscal year, which is about 5% more than the spending plan he signed for the current year. The budget includes billions more for public pensions, transportation, and other projects, as well as more money for schools and a renewed program for property tax rebates.

 

Murphy outlines $53B plan for 'Next New Jersey' in budget speech

Gov. Phil Murphy wants to double the state’s child tax credit from $500 to $1,000 for each child younger than five years old. Photo via AP Photo

 

Governor Phil Murphy, who was elected governor for a second term in 2021, presented the budget as a helping hand for locals dealing with increased costs and the effects of COVID-19.

The budget states that by securing your position in the New Jersey of today, you will be better able to find your place in the New Jersey of tomorrow. Your wage hasn’t increased but you’ve had to pay more for everything from groceries to gas, the speaker continued.

The Governor made his announcement during a speech in the Assembly chamber of the Democratic-controlled Legislature, resuming an annual practice that had been put on hold at the peak of the COVID-19 outbreak. The constitutionally mandated date for passing a balanced budget in New Jersey is June 30.

 

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In order to fulfill commitments he made during his first bid for governor, Murphy has suggested paying the full amount due to the state’s public pension fund for a third year in a row. With a $250 million increase from the previous year, that would be roughly $7 billion. The plan would increase financing by nearly 8% to $10.75 billion for K–12 education using a formula approved by the state Supreme Court. Also, the governor intends to maintain flat New Jersey Transit fares and allocate nearly $1 billion (an increase of $110 million over the previous year) for Universal Pre-K.

 

‘Next New Jersey’: Gov. Murphy Unveils His $53 Billion Budget Plan

Gov. Phil Murphy delivers his ‘Next New Jersey’ speech. (Photo: Bloomberg)

 

In an effort to position the state as more affordable, the governor also plans to extend a program that provides property tax rebates for a second year. The $2 billion scheme guarantees a $1,500 rebate check to families earning up to $150,000. $1,000 in rebates are given to those making between $150,000 and $250,000. Renters who earn up to $150,000 will continue to receive $450 in assistance from last year. An estimated 1.5 million households would benefit from the initiative.

With an annual average of roughly $9,500, New Jersey has some of the highest property taxes in the country.

 

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Republicans, who make up the minority in the legislature but gained confidence after gaining seven seats in 2021, denounced the idea and urged the administration to lower taxes.

Senate Republican Steve Oroho stated that Governor Murphy has no justification for continuing to ignore tax relief that would significantly help families and businesses struggling with inflation when the state is awash with cash.

 

NEW JERSEY STATE HOUSE

Built in 1792, the New Jersey State House is the state’s most important public building and one of the oldest capitol buildings in the United States. It is home to the Legislative and Executive branches of New Jersey State Government. Visitors can explore the building’s legislative chambers, committee rooms, and historic spaces devoted to the state judicial and executive branches. Discover the historic building’s rich past and architectural history while learning about the everyday citizen’s role in shaping public policy. (Photo via https://www.journeythroughjersey.com/)

 

Before the governor signs Murphy’s proposal into law, it must first pass the Legislature, which has the power to change it. All 120 state legislators are up for election this November.

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