New Jersey Governor Budget: Know About The Takeaways On His $55.9B Spending Proposal

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During his seventh budget address last Tuesday, New Jersey Governor Budget Phil Murphy delivered a statement of priorities that are part of the $55.9 billion state spending plan he proposed for the State’s 2025 fiscal year.

New Jersey Governor Budget: Know About The Takeaways On His $55.9B Spending Proposal
New Jersey Governor Budget: Know About The Takeaways On His $55.9B Spending Proposal (Photo: New Jersey Monitor)

The first two takeaways of New Jersey Governor’s $55.9B Spending Proposal

  1. New Jersey Governor Budget- The New Jersey Governor tied his budget promotion to issues that have a national scope and are among the liberal talking points of his campaign: climate change, reproductive rights, and affordability.
  2. Tale of two budgets- The New Jersey Governor’s $55.9 billion budget avoids controversy. It is packed with the favorite talking points, a $900 million increase to fund public schools, preserving a commitment to restock the struggling public employee prison system, and a promise to send $3.5 billion in property tax relief to homeowners of the state.

Read Also: In New Jersey, Can Cops Search My Bag Without A Warrant? This Is What The Law Claims

The last two takeaways of New Jersey Governor’s $55.9B Spending Proposal

  1. Transfer tax on big business- One of the trending proposals of the New Jersey Governor is a new corporate transit fee that would charge a 2.5% charge on businesses that make more than $10 million in profit every year, with revenue estimated at more than $800 million a year.
  2. StayNJ property tax rebate for seniors- The New Jersey Governor pushed the planned StayNJ rebate proposal which will start in 2026 and could reduce property tax bills for senior homeowners by 50%. Under the law signed by New Jersey Governor that created the project, the state must first meet its obligations to fund public schools and pensions and set aside a surplus representing 12% of the state budget.

Read Also: Excitement Builds As New Jersey Residents Await $1,500 Anchor Rebate Payment In January

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