Record NJ budget with property tax refunds, big pension funds, tax exemptions

Senate Speaker Nicholas Scutari during the Senate voting session. New Jersey lawmakers vote on the state budget, abortion protections and gun reform in Trenton, Wednesday, June 29, 2022.Patti Sapon | NJ advance media

With an economic downturn looming, state lawmakers passed the largest spending plan in New Jersey history on Wednesday, a $50.6 billion state budget which includes billions in property tax relief, the state’s largest-ever surplus, and a second straight full payout to the public workers’ pension fund.

Gov. Phil Murphy is expected to sign the bill Thursday morning after months of closed-door negotiations with fellow Democrats who control the state legislature. The final budget increases state spending by more than 9% over the previous year, fueled by an unprecedented tax windfall of more than $9 billion.

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