Governor Murphy Introduces $48.9 Billion State Budget
Governor Phil Murphy presented his 2023 Fiscal budget plan that will come to $48.9 billion that will increase spending in the Garden State to a new high, even though the…
NEWARK, NJ – OCTOBER 19: Democratic candidate Phil Murphy, who is running against Republican Lt. Gov. Kim Guadagno for the governor of New Jersey , speaks at a rally on October 19, 2017 in Newark, New Jersey. Murphy was later joined by former President Barack Obama This is Obama’s first return to the campaign trail to stump for Democratic gubernatorial candidates in New Jersey and Virginia as they prepare for next month’s elections. (Photo by Spencer Platt/Getty Images)
Governor Phil Murphy presented his 2023 Fiscal budget plan that will come to $48.9 billion that will increase spending in the Garden State to a new high, even though the Governor is promising the state will become more affordable for people to raise their families.
Murphy wants a property tax rebate program that will distribute $900 million to 1.8 million homeowners and renters in the state as a way to replace the Homestead Benefit program. According to NJ.com, "under the new program, New Jersey homeowners making up to $250,000 would be eligible to receive an average $700 rebate in the first year, and renters making up to $100,000 would be eligible for a rebate up to $250 to help offset the cost of rent increases due to property taxes."
The governor also proposed to cut a number of fees including fees for drivers license renewals, marriage licenses, and licenses for certain health care professionals.
Murphy plans to use $305 million from the American Rescue Plan to fund affordable housing in the Garden State, an annual hot button issue in local communities. According to Murphy the Affordable Housing Production Fund would help complete all affordable housing projects indentified in the Mount Laurel settlements.
NJ.com also reports that "Murphy wants to bolster the Down Payment Assistance program to help low- and moderate-income residents wishing to buy homes with $5 million in additional funding, bringing the total state investment to $25 million."
The Governor also plans to increase school aid by $662 million, or a six percent increase from last year. He wants to reserve $68 million to expand public Pre-K seats.
The speech was hailed by state Democrats, while state Republicans were mostly silent during the address.
