It is becoming increasingly clear that some form of tax relief will be included in the next state budget, but few details have emerged on a plan to do so.
This includes how much, in what form, for whom and what income requirements would be included.
On Wednesday, Assembly Speaker Craig Coughlin (D-Woodbridge) said he would “push on the biggest tax relief package in state history” but then didn’t provide any retail.
Republicans in the Legislature have been calling for tax relief for weeks amid reports of record tax revenue flowing into state coffers. GOP members of the Senate Budget Committee presented a proposal simply dubbed “Give it Back.” It would return $4.5 billion in excess revenue directly to taxpayers with rebates between $500 and $1,000. A separate measure would provide a $500 tax credit to offset high gas prices.
Republican Senate Budget Director Sen. Declan O’Scanlon released a statement Thursday saying he and his GOP colleagues would not support any budget “unless four million families receive $1,500 in direct relief this spring”.
Democrats have slowly started to buy into the idea of tax relief with updated revenue figures showing tax receipts will rise $8 billion from estimates.
However, Governor Phil Murphy’s administration is urging caution.
New Jersey State Treasurer Elizabeth Muoio warned of a coming economic downturn that could turn the tide and find billions in revenue short in coming years. She suggested keeping more than $4.5 billion in reserve to deal with future deficits.
In his testimony to lawmakers, Muoio said the financial windfall “will clearly serve as a temptation”, but warned that revenues could fall short by $10 billion over the next two years.
With budget testimony completed this week, negotiations between lawmakers and Murphy are now beginning to come up with a final spending plan by July 1.
Eric Scott is the senior policy director and anchor of New Jersey 101.5. You can reach him at [email protected]
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Municipal tax bill for every city and town in NJ, filed
Just under 30 cents of every $1 of property taxes collected in New Jersey supports municipal services provided by cities, townships, boroughs, and villages. Statewide, the average municipal tax bill alone in 2021 was $2,725, but that varied widely from over $13,000 in Tavistock to nothing in three townships. In addition to the $9.22 billion in taxes for municipal purposes, special tax districts that in some locations provide municipal services such as fire protection, garbage collection or economic development collected 323, $8 million in 2021.
School Aid for All Districts in New Jersey for 2022-23
NJ County Fairs are making a comeback: Check out the schedule for 2022
UPDATE 4/10: A current list of county fairs happening in the Garden State for 2022. From rides, food, animals and hot air balloons, each county fair has something unique to offer.
(Fairs are listed in geographic order from South NJ to North NJ)