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