GoGovernor Murphy Announces NJ 2024 Budget
This month, Governor Murphy in his budget address focused on “Building the Next New Jersey” in his NJ FY 2024 budget. The Fiscal Year 2024 Budget proposed $53.1 billion in spending but this includes a $10.1 billion surplus and the state budget that lifts NJ spending to a new record-high. This new budget is an increase of $4 billion over the current budget. The Governor highlighted increased spending on pre-school, a continuation of the Anchor property tax relief program and an increased investment in affordable housing. Additionally, the budget includes another full payment to the State pension system on $7.1 billion and $2.4 in debt reduction/payments. From here, it is now up to the Governor and the Democratic-controlled State Senate and Assembly to negotiate a final budget over the next four months. The Governor must sign a balanced budget into law by June 30. The plan will next be subject to a series of public hearings.
Some Key Highlights from the Budget:
- No New Corporate Taxes or Fees and this budget will sunset the 4% Corporate Business Tax (CBT) Increase.
- A record projected surplus of $10.1 billion – more than twice the last year’s $4.1 billion surplus.
- Murphy’s proposal continues the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Property Tax Relief Program.
- “$2 billion in direct property tax relief this year … for nearly 1.8 million middle-class and senior homeowners and renters.
- A full public-employee pension payment, for the second year in a row, totaling $7.1 billion which will support the retirement of about 800,000 active and retired state and local government workers.
- A $832 million increase in K-12 education bring NJ’s educational budget up to $11 Billion in direct municipal aid.
- $109 Million in new universal pre-K spending adding to the $310 million spent annually.
- NJ Transit funding that staves off fare increase for a sixth consecutive year.
- $50 Million in supporting Green Energy Program.
- $17 Million in first time home buyer assistance.