With a promise to make New Jersey more affordable for millions of residents, Gov. Phil Murphy Tuesday laid out a record-spending $53.1 billion budget for the 2024 fiscal year. Affordability was the word of the day, as Murphy proposed direct relief to families by doubling the child tax credit and continuing the “Anchor” property-tax relief program, boosting the income eligibility for the Senior Freeze program and access to prescription drug programs.
Murphy also proposed nearly a billion dollars in school-aid funding and expansions to the state’s preschool programs. The governor’s spending plan also included money to rebuild boardwalks at the Jersey Shore and help people with crushing medical debt — all of this as tax revenue growth is showing signs of slowing.
