Gov Murphy Signs NJ 2022 Budget—With $500 Rebate Checks patch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from patch.com Daily Mail and Mail on Sunday newspapers.
by Todd DeFeo, The Center Square contributor | June 22, 2021 05:00 PM Print this article
New Jersey Democrats unveiled a fiscal 2022 budget agreement on Monday, one they say provides middle-class tax rebates and property tax relief.
However, Republicans say the agreement doesn’t provide substantive tax relief and fails to recognize the state’s precarious financial standing.
The announced agreement includes $319 million for $500 tax rebates for more than 760,000 New Jersey families, which proponents say are possible because of the state’s previously enacted “Millionaires Tax.”
The agreement also includes updating the base year of the Homestead Benefit to 2017 property tax information, at a cost of $80 million, and it would expand the Veterans Property Tax Deduction to include peacetime veterans, which would cost $15 million. Additionally, it would expand the Child and Dependent Care Credit (CDCC) to families making up to $150,000, at a cost of
Murphy unveils $44.8B N.J. budget with no tax hikes, big money for pensions, $500 rebates. Here’s what you need to know.
Updated Feb 23, 2021;
Posted Feb 23, 2021
New Jersey Gov. Phil Murphy delivers his Fiscal Year 2021 budget address at Rutgers University s SHI Stadium in August.Michael Mancuso | NJ Advance Med
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Gov. Phil Murphy on Tuesday released a proposed $44.8 billion state budget that’s unlike any other in decades.
Without raising or adding any taxes or fees, the New Jersey would make its first full contribution to the public pension system in a quarter century, while boosting aid to schools and providing income tax rebates to hundreds of thousands of low- and middle-income families.