NJ property tax relief, big pension payment, tax holidays coming soon under $ 50.6B budget deal

Gov. Phil Murphy and his fellow Democrats who control the state Legislature finalized an agreement Monday on a whopping $ 50.6 billion state budget for New Jersey, and the spending plan moved swiftly through both the state Senate and Assembly budget committees shortly after it was introduced.

The plan (S2023) – for the fiscal year that begins Friday – features the largest surplus in state history and several affordability measures, including a new $ 2 billion property tax relief initiative, a state-level child tax credit program, driver’s license fee waivers, free state parks, and a 10-day sales tax holiday on back-to-school supplies that will go into effect later this summer.

Both committees approved the budget along party lines in late-evening votes after a day of behind-the-scenes negotiating in which Democrats put final touches on the plan.

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