Phil Murphy unveiled a $53.1 billion budget for 2024, proposing more school aid, a renewed property tax rebate program and billions more for public pensions, transportation and other projects
The governor announced his plan during a speech in the Democrat-led Legislature’s Assembly chamber, an annual tradition that halted during the height of the COVID-19 outbreak. New Jersey’s constitutional deadline to enact a balanced budget is June 30.
Murphy is seeking to carry out campaign promises he made in his first gubernatorial run: For a third straight year, he has proposed making a full payment to the state’s public pension fund. That would be about $7 billion, up $250 million from last year. The pIan would finance K-12 education according to a formula approved by the state Supreme Court, increasing funding about 8% to $10.75 billion.
The governor also aims to renew a property tax rebate program for a second year, part of his push to cast the state as more affordable. The program carries a $2 billion price tag and promises families making up to $150,000 a rebate check of $1,500. Those earning from $150,000 to $250,000 get $1,000 in rebates. Continuing last year’s assistance for renters, those making up to $150,000 would get $450. The program would help an estimated an estimated 1.5 million households.
“When the state is flush with money, there’s no excuse for Governor Murphy to continue ignoring tax relief that would make a big difference to families and businesses struggling with inflation,” Senate Republican Steve Oroho said. Murphy’s proposal must first progress through the Legislature, which can alter it before the governor signs it into law. All 120 state lawmakers are on the ballot this November.
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