River Crossing Strategy Group

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Contact: Timothy White | Published On: Friday, July 1, 2022
Murphy touts ‘historic and direct property tax relief’ as he signs $50.6B N.J. budget

Gov. Phil Murphy on Thursday signed a $50.6 billion state budget that increases spending to record levels thanks to an unprecedented surge in tax revenue this year that handed Democratic state leaders a surplus of nearly $11 billion.

The massive windfall is fueling the largest property tax relief program in more than a decade, a second consecutive full payment of nearly $7 billion to New Jersey’s public worker pension fund, a state-level child tax credit, and an historic surplus of more than $6 billion to prepare the state for tough times ahead.

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