Trenton Bureau
Having seen revenues much less dire than expected in the COVID-19 pandemic, Gov. Phil Murphy on Tuesday unveiled a $44.8 billion spending plan with no new taxes while fully funding public workers pensions, long a financial albatross that has cost the state billions of dollars in interest.
Murphy s budget for the 2022 fiscal year, which begins July 1, is a 9% increase over the current year s spending and assumes a steadying economy after suffering the worst downturn since the Great Depression. And with his re-election looming this November, Murphy stands to benefit if his economic assumptions come true.
Sweetening the prospects of Murphy s re-election will be $500 rebates distributed to more than 760,000 families, which is included in his budget and is part of a deal he reached with Democratic lawmakers last year in exchange for a millionaire s tax.
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
Facebook Share
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.
Will my Roth IRA conversion hurt my Senior Freeze benefit?
Updated Feb 03, 2021;
Q. In addition to taking my Required Minimum Distribution (RMD), I took money from my IRA and converted it to a Roth. For the purpose of calculating my income for the Senior Freeze application, do I have to add the money I converted as income? I already know that the RMD is added as income. Hopeful
A. Let’s start with a little background.
In New Jersey, seniors over the age of 65 and certain people receiving federal Social Security disability benefit payments, if they meet income eligibility limits, can qualify to have their property taxes frozen at the amount assessed for the year they first meet those requirements, said Laurie Wolfe, a certified financial planner and certified public accountant with Peapack Private Wealth Management in New Providence.
Can I get the Senior Freeze after selling my N.J. home?
Updated Feb 01, 2021;
Q. I have been a part of the Senior Freeze program for many years and am grateful for the benefit. I sold my home and closed on Dec. 28, 2020 and paid the real estate taxes on the house for the entire year. I was told I am ineligible to receive a reimbursement because I did not own the house until Dec. 31, 2020. Is this correct? I did not buy another property and am currently renting an apartment. Moved
As you know, New Jersey has one of the highest property taxes in the nation.